Litecoin completes 3rd halving, block reward cut to 6.25 LTC

• Litecoin halving is complete, with block reward reduced to 6.25 LTC.
• LTC price was $91 at halving, down 4% in the past 24 hours.

Litecoin has halved its block reward from 12.5 LTC to 6.25 LTC following the activation of its third halving event at block height 2,520,000.

The proof-of-work (PoW) coin’s latest halving happened as LTC price hovered near price levels also seen during the last event in 2019. 

However, the network has seen significant growth in terms of total addresses, number of active daily addresses, transaction volume, and hashrate among other metrics, according to market intelligence and on-chain data analytics platform IntoTheBlock.

Happy halving day @litecoin! Let’s compare some key metrics to the last halving in 2019. What do you notice👀?#LITECOINHALVING #LTC #Litecoin pic.twitter.com/V9wneIZkRS

— IntoTheBlock (@intotheblock) August 2, 2023

LTC price at halving

Litecoin price is down 4% in the past 24 hours and 17% in the past month. 

At current levels of $89.7, LTC/USD is about 78% from its 2021 bull market peak. Notably too is that the coin peaked at just above $115 in its pre-halving rally, a scenario that opens up a potentially bearish flip post-halving before the short-term flip gives way to a new upside run.

Crypto analyst Rekt Capital pointed out this forecast earlier today.

Many months later, $LTC has registered its Pre-Halving top around the $115 region

Picture-perfect rejection from the orange Macro Downtrend

As per post-Halving tendencies, here’s what to expect in the coming months:

📉 #LTC may experience deep retracement

Historically, LTC… https://t.co/XUz1Woukog pic.twitter.com/RP5oYQSVi9

— Rekt Capital (@rektcapital) August 2, 2023

As noted above, the price of Litecoin has not improved significantly when compared to the last halving. However, the cryptocurrency’s value rose to a new all-time high of $410 in May 2021. The bear market of 2022 saw the cryptocurrency lose most of that value, with the price dropping to lows of $47 in June that year.