A halving event has taken place for Litecoin, the 11th largest cryptocurrency by market cap.
Litecoin’s Price Is Down Over 6%
A halving event has taken place for Litecoin, the 11th largest cryptocurrency by market cap. This implies that the amount of Litecoin incentives distributed as mining rewards has been cut in half.
Similar to Bitcoin, this is done every four years to slow network inflation and make coins scarcer over time, which could increase the price.
However, Litecoin's price has not experienced any bullish movements. The coin is currently trading at $88 after falling more than 6% during the previous 24 hours
Former Google employee Charlie Lee created Litecoin in 2011 with the goal of developing a quicker, more affordable counterpart of Bitcoin.
Although it hasn't been able to surpass Bitcoin in terms of popularity, it has made a comeback after being listed on EDX Markets, a new Wall Street-backed cryptocurrency exchange targeted at institutional investors.
