Litecoin Price Eyes $100 As Hashrate Hits ATH Before Halving

Litecoin is again in motion with the LTC value capturing by one other 15% within the final 24 hours, and eying the following milestone of $100. As of press time, Litecoin (LTC) is buying and selling at $96.22 with a market cap of over $7 billion.

Over the past 15 days, the LTC value has been on a robust rally and has gained over 40%. Nonetheless, to date in 2023, the LTC value has touched these value ranges a number of instances. If Litecoin manages to offer a robust breakout above the psychological barrier of $100, it may proceed to the touch new highs additional.

The explanation behind Litecoin Bulls turning lively as soon as once more is the upcoming halving occasion round mid-August 2023. The upcoming Litecoin halving will cut back the block rewards to half from 12.5 LTC per mined block to six.25 LTC per mined block. Thus, this discount in provide and future shortage is driving the costs larger.

With the discount in provide on account of shortage, there’s a chance for LTC to surpass the $100 mark after the halving occasion. Such a milestone may doubtlessly stimulate a big rally within the crypto market, as optimistic sentiment and earnings from LTC spill over to different cryptocurrencies.

Litecoin Hashrate At All-Time Excessive

Because the halving occasion attracts nearer, investor exercise on the Litecoin blockchain has elevated. Per week after Litecoin’s payment transactions hitting an all-time high, the Litecoin hashrate has additionally surged to a brand new all-time excessive.

Throughout June, there was a big improve within the hashrate of Litecoin mining. The mining problem has additionally gone up, which suggests it’s tougher to seek out new blocks. Miners have responded by including extra machines to extend their possibilities of discovering blocks, leading to a better hashrate.

Consequently, the Litecoin community has reached its highest hashrate ever, reaching 958.36 terahashes per second (TH/s) on June 28, 2023, based on data from CoinWarz. It is a optimistic signal for the community and its cryptocurrency, LTC, regardless of a latest decline within the general world hashrate, which at present sits at 745.71 TH/s.

Bhushan is a FinTech fanatic and holds an excellent aptitude in understanding monetary markets. His curiosity in economics and finance draw his consideration in the direction of the brand new rising Blockchain Expertise and Cryptocurrency markets. He’s constantly in a studying course of and retains himself motivated by sharing his acquired information. In free time he reads thriller fictions novels and typically discover his culinary expertise.

The offered content material might embrace the non-public opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any accountability on your private monetary loss.

[quads id=14]