The Litecoin Halving Ends with LTC Price Rising up to 11%
The Litecoin halving was designed in the code occurs every four years. This year, the event occurred around 9: 30 on 5th August 2019. According to the current block statistics, the halving occurred at block 1,680,000. Litecoin halving ended with 75 % of Litecoin mined. Litecoin block reward has halved from 25 LTC to 12.5 LTC.
The block production time on the litecoin network is around one block every 2.5 minutes, roughly 576 blocks are produced in every 24 hours with a new supply of 7,200 LTC entering into the market – half the previous daily level of around 14,400 LTC.
At present, around 63 million out of 84 million LTC are effectively in circulation, leaving about 21 million LTC block mining rewards – worth $2 billion at today’s prices available for miners to compete for in the future.
The predictions regarding the Litecoin Price were wide spread on crypto twitter, and as Charlie Lee stated everything will be back to normal soon after the event.
Charlie highlighted in his tweets that, the miners did not turn off their equipment before or during the halving, instead they pushed forward to aid the mining rate of its blocks to 1.4 minutes on average, much quicker than the expected 2.5 minutes.
Litecoin Price Analysis
Overall, the halving event fueled the litecoin price with 11% growth over the past 24 hours. Although, LTC price previously fell out of 4 market cap spot, it gained its position back with the growth 14%.
At the time of writing, Litecoin is trading at $102.47 with 11% rise. In terms of LTC/BTC the coin is trading at 0.00872664 BTC with 1.41% rise. The current market cap of Litecoin is $6,452,688,217 with $3,564,654,749 24-hour volume and 62,974,506 LTC circulating supply.
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