2023-07-02 13:04:20
Litecoin is one of the frontrunners of the current uptrend in the crypto market, while the network hashrate has reached its second peak this week. Litecoin (LTC) joined the league of best performing altcoins this week. At the time of writing, the price of the LTC coin was $111.05 on the exchanges, while there was also an example of a 26% increase within 24 hours in the past few days. Litecoin exchange rate between June 26 and July 2. Source: coinmarketcap.com Positive Litecoin fundamentals The general market sentiment is currently positive, and with it, the fundamentals of the Litecoin protocol show a strengthening trend. More and more miners join the protocol’s network, which raises its hash rate to ever higher levels. According to data from Coinwarz, Litecoin has a hash rate of 780.95 TH/sec, coupled with a mining difficulty of 26.73 million at block height 2,501,965. Mining difficulty typically increases when the number of miners connected to the network increases, which strengthens decentralization and thereby the security of the network. In recent weeks, therefore, Litecoin has seen a significant hash rate and price increase, and so far this month it has achieved a significant price increase of 17.13%. Tuning in for halving The appeal of Litecoin is also strengthened by the halving event due in August. Litecoin’s halving, like Bitcoin’s, happens every four years, during which the rewards distributed to miners are halved. The purpose of the halving is to reduce the rate at which new LTC tokens are issued, and as such, result in a scarcity of supply, which in the long run has a buoyant effect on the price of the digital currency, which already has a maximum supply etched into its code. According to preliminary forecasts, investors may start buying LTC in bulk in the coming weeks due to the increasing halving sentiment.
1688333146
#Litecoin #LTC #jumps #hashrate #hits #high #halving
