litecoin may get boost with latest block miningLitecoin is a Bitcoin fork on the brink of getting a block reward reduction event. The main goal of this block reward reduction event is to mining token difficult.
The result this will have on the market is that Litecoin’s value will spark up. Since Litecoin is a in its core a Bitcoin, many concepts applied to Bitcoin are also tried on it. Halving is one of them. Halving reduces the miner’s profit that he gets for mining.
This, as a result, reduces its rate of issuance. Halving is due to occur every four years according to current rates. The inflation rate will be affected as well because of the reduction in future supply increases.
As of now, Litecoin has only been halved once. The very first halving event occurred on August 26, 2015. This had a positive impact on the market valuation of Litecoin.
Litecoin was noticed to be experiencing an increase worth twenty-two dollars ( $22.54) on 7th of December 2018. Since that time Litecoin has touched the price mark of ninety-nine dollars ($99.43)
This halving event is also met with scrutiny which is not rare ass the past halving event faced it too. Despite the price volatility of Litecoin before or after the halving, it has been competing just fine against other cryptos over the past eight years.
Charlie Lee is the creator of Litecoin, and he made a tweet showing his optimism for Litecoin.
Watch Litecoin surviving the test of time. It's not easy fighting off all the shitcoins and scamcoins to stay in the top 10. 😀 https://t.co/7wWhBbxkKE
— Charlie Lee Ⓜ️🕸️ (@SatoshiLite) April 24, 2019
At the moment Litecoin stands at the fifth position by market capitalization. It has also shown a zero point six percent increase (0.62%) over the course of twenty-four hours.
Litecoin has a market capitalization of over four billion dollars ($4.49Billion) with a twenty-four-hour volume of over two billion ($2.63B).
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