Cryptocurrency News – Litecoin has reached a historic milestone in network transactions. Blockchain said in a Twitter post it shared that the network had completed its 170 millionth transaction.
Litecoin added more than 10 million new transactions in the last seven weeks, clearly reflecting the pace of growth on the network. This means that more than a million transactions occur every week.
It is an important detail that Blockchain has never been interrupted in its more than 11-year history of operation. Where Bitcoin is known as Digital Gold, Litecoin is known as Digital Silver. It is also the only blockchain with more than 11 years of uninterrupted uptime.
Litecoin halving event is approaching
One of the most eagerly awaited events of 2023 for all proponents of Proof-of-Work (PoW) cryptocurrencies is the LTC halving event.
The third halving in blockchain history is approaching; The first two took place in 2015 and 2019. According to an announcement made on the official Twitter account, expectations are already increasing ahead of the event, which is approximately 18 days away.
On July 12, on-chain analytics firm IntoTheBlock reported that search trends for LTC reached a new annual high. Citing media issues, the upcoming halving event is believed to be a major impetus for increased interest.
OKLink's analytics platform is running a countdown to the halving event. At the time of this writing, the estimated date for this event is August 2. Additionally, there are currently only 9,875 blocks left for this event.
The halving event, which will reduce Litecoin mining rewards from 6.25 LTC to 3,125 LTC, is seen as a net positive.
LTC has recorded a marginal decline over the last 24 hours and is trading around $94.70 at the time of writing. The cryptocurrency, which has a market value of approximately $6.94 billion, ranks 12th among all cryptocurrencies.