Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

Litecoin [LTC] continued to remain buoyant above the $68-price mark this whole week. Similar to other altcoins, it also saw a surge in its price during the bull run. At press time, it was trading at $68.65.

Is your portfolio green? Check out the LTC Profit Calculator

Glass half full

On 2 August, the third halving of Litecoin 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 market participants, potentially leading to an increase in demand for cryptocurrency.

Secondly, halving affects the mining rewards for miners. As

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Author: Suzuki Shillsalot

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