Happy 8th Birthday Litecoin (LTC)

Litecoin (LTC), the sixth largest cryptocurrency in market capitalization, celebrated its 8^th birthday on Oct. 13. Former Google employee and former Coinbase developer, Charlie Lee, released the open source blockchain as a Bitcoin fork on Oct. 7, 2011, with the official public launch following six days later. At the eight year mark, one event stood out head and shoulders above the plethora of activities on the blockchain – Litecoin’s halving.

Charlie, also CEO of the Litecoin Foundation, the main development community, led the celebrations to yet another successful year of rapid development, community growth and price recovery. In a post published on Twitter, Lee wrote,

“Happy 8th birthday to Litecoin! Litecoin network has been up and running continuously for the past 8 years with zero downtime. And in that span of time, over $500,000,000,000 worth of LTC has been transacted.  Looking forward to the next 8 years and more!”

Litecoin price analysis

In July, Litecoin block rewards were cut down by half reducing the supply of the coin pushing the price of the token above $100 USD. In months leading to the halving, LTC price saw a 300% year to date boost in returns to trade above $140 USD at the end of June. The price has since been on a bearish trend dropping to $57 USD, as at the time of writing. The sixth largest digital asset boasts a market cap of $3.6 billion USD.

Halving miracle: Year to date Litecoin (LTC/USD) price. (Source: Coinmarketcap)

Zooming out the charts paints a better picture of LTC’s bullish trend since launch in late 2011. The BTC-spinoff is currently trading over 10000% higher than its launch price.