You might not have as well heard about it but Litecoin has outpaced all its crypto-peers including the largest digital token bitcoin and others such as Ether, XRP etc. with gains of almost fourfold this year. This cryptocurrency has surged over 360% since the start of the year and commands a market cap of almost $8.4 billion. As per the Mosaic Research data compilation, Litecoin now ranks in the seventh place among all of the digital currencies.
The revival in cryptos this year is attributed to their increased acceptance as payment modes by mainstream companies' as well as the attention these managed to gain from the Wall Street.
But for Litecoin particularly, the surge is to an extent on the back of the upcoming concept called halving or halvening wherein miners will be allotted half the number of crypto-tokens or coins. And the whole idea behind the process is that the lesser number of coins will push up the price of the token as well as prevent erosion in its value.
In the current context, miners are allotted 25 Litecoins for each of the block but after the process of halvening, they will be entitled to receive just 12.5 Litecoins.