Litecoin, the fifth largest cryptocurrency by market cap, completed its halving process. The event is always considered very important by minders as it reduces block rewards by half. For Litecoin, the halving occurs every 840,000 blocks. The mining rewards for every block have now been reduced to 12.5 LTC from the earlier 25 LTC.
Usually, halving increases the price of the underlying token. However, Litecoin halving did not excite the cryptocurrency markets as much. While the price of LTC did hit $104, it was just a 13% increase in the last 24 hours.
Charlie Lee, the creator of Litecoin, made the halving announcement on Twitter:
Interestingly, the cryptocurrency community is eagerly awaiting the next Bitcoin halving in 2020. It is being cited as one of the big reasons to be bullish on Bitcoin. Incidentally, the next Litecoin halving will take place in August 2023.