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Breaking | Crypto News

Litecoin Halving Event Just Happened, LTC Reacts

Author

Jonathan Gibson

Tags

Reading time

2 mins
Last update

Author

Jonathan Gibson

Tags

Reading time

2 mins
Last update

Author

Jonathan Gibson

Tags

Reading time

2 mins
Last update

litecoin

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Litecoin (LTC), one of the oldest and most popular virtual currencies in the market, has experienced a new halving event at block 2,520,000. With this new halving event, Litecoin’s new issuance will drop from 12.5 LTC per block to 6.25 LTC per block. But what happened with LTC after this halving event?

Litecoin Halving Event Took Place and LTC Reacts

Litecoin experienced a new halving event that is now reducing the new issuance of Litecoin. This virtual currency will now reduce its inflation rate from 3.65% per year to 1.83% and even lower in the coming months. This constant decreasing inflation rate tends to be one of the main factors for investors to pay close attention to specific virtual currencies. 

This is the third halving event that takes place on the Litecoin network after the ones that reduced the supply from 50 to 25 and from 25 to 12.5 LTC per block. Now, we will have to wait approximately 4 more years to see Litecoin’s new issuance fall from 6.25 LTC per block to 3.125 LTC per block. 

It is worth taking into consideration that Bitcoin (BTC) is also going to experience a new halving event. As soon as next year, BTC will reduce its new issuance from 6.25 BTC to 3.125 BTC. Therefore, there is a large interest from the Bitcoin community on how this could affect its price. 

When it comes to Litecoin, the virtual currency experienced the so-called “sell the news” situation. In the last 24 hours, Litecoin was the digital asset with the second-largest price drop among the top 100 digital currencies in the market. 

According to CoinGecko, Litecoin has a price per coin of $88 and a market valuation of $6.54 billion.