Litecoin recently experienced its third halving, an event that occurs every four years when the network reaches a specific number of transaction blocks (2,520,000 in this case). During a halving, the rewards given to miners are reduced by half, which means they receive 6.25 LTC instead of the previous 12.5 LTC.

Halvings are often considered potential catalysts for long-term price increases for the network's native token. However, in contrast to this expectation, LTC's price took a downward turn shortly after the halving event. As of now, Litecoin is trading at around $86.80, which is approximately 6% lower than its value yesterday.