Litecoin has completed its third halving event, reducing the block reward from 12.5 LTC to 6.25 LTC at block height 2,520,000. The price of Litecoin at the time of halving was $91, down 4% in the past 24 hours.
According to market intelligence and on-chain data analytics platform IntoTheBlock, the Litecoin network has seen significant growth in terms of total addresses, number of active daily addresses, transaction volume, and hashrate.
LTC/USD is down 17% in the past month and 78% from its 2021 bull market peak. Rekt Capital pointed out that historically, prices have rebounded higher post-halving and that positive market conditions in the next few months could aid that outlook.
Litecoin’s value rose to an all-time high of $410 in May 2021, before the bear market of 2022 saw the cryptocurrency lose most of that value. Prices dropped to lows of $47 in June as crypto contagion impacted markets after the collapse of Terra and Three Arrows Capital.
It remains to be seen what the market will do post-halving and whether the prediction of a rebound in prices will materialise in the next several months.