Litecoin was first emitted on October 12 2011, which makes the approaching LTC anniversary to be #8. To celebrate this event, Litecoin has teamed up with the BitUniverse app to set up a trading contest and prepared $10,000 in the LTC equivalent for rewards and giveaways.
Apart from LTC, VNS coins will also be given away to participants.
Another good thing is that nearly 20 global crypto exchanges, with Binance, OKEx, Bittrex, etc, among them, are participating in the event.
What will it take to win LTC?
The trading competition is open for anyone who registers with the BitUniverse app and creates a LTC Grid trading bot. You need to begin trading with at least 500 Tether on your account. Another part of this condition is that the bot has to run for at least 48 hours and conduct a minimum of 50 trading operations.
Pionex exchange will ensure LTC prizes for the first 200 participants that join the contest on its platform.
Other rewards in LTC will be distributed to winners depending on the trading volume they make in the course of the contest.
The competition starts today, on 21 August, and last until 31 August 2019.
The second LTC halving has taken place
This year, the second Litecoin halving took place and made the block reward drop from 24 LTC to 12.5 LTC. The previous one was in 2015.
Halvings in cryptocurrency networks are pre-programmed schemes of cutting down the process of emitting new coins through decreasing the rewards of miners working with the network.
Since halvenings make an asset more scarce than before, generally the price of an asset shoots after a halving takes place. Or, at least, many believe those to be one of the reasons for that.
When the previous Bitcoin halving took place in 2016, the following year the BTC price surged to an ATH of nearly $20,000. The all-time-high Litecoin achieved that year was around $300 per coin.
The next LTC halving is scheduled for 2023. The upcoming Bitcoin halving is expected in May next year.
At press time, Litecoin is trading at $71.87, as per data from CoinMarketCap.com