Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
The oscillating price movement of Litecoin [LTC] continued well into October, with bears quickly thwarting the bullish attempt to break out of the price range. Previously, a bullish move lifted LTC from $64 to $68 on 1 October. Sellers, on the other hand, responded with a similar price decline, bringing the altcoin back to the $64 price range.
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Glass half full
On 2 August, the third edition of Litecoin’s halving took place when the network reached a block height of 2,520,000, which reduced miners’ rewards from 12.5 LTC to 6.25 LTC.
LITECOIN HAS SUCCESSFULLY HALVED ITS BLOCK REWARD!
⚡ $LTC ⚡ pic.twitter.com/iemCnkPsdu
— Litecoin (@litecoin) August 2, 2023
Halving is a significant event programmed into certain cryptocurrency protocols, including Litecoin, that takes place at regular intervals. During this event, the block reward given to miners for validating transactions and securing the network is reduced by half.
The primary purpose of halving is to control the issuance rate of new coins and manage inflation within the cryptocurrency system.
The impact of halving is two-fold. First, it introduces an element of scarcity into the cryptocurrency ecosystem. With the reduced block rewards, the rate at which new coins are introduced into circulation decreases.
This creates a sense of scarcity among m
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Author: Suzuki Shillsalot