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Litecoin is back in action with the LTC price shooting by another 15% in the last 24 hours, and eying the next milestone of $100. As of press time, Litecoin (LTC) is trading at $96.22 with a market cap of over $7 billion.
Over the last 15 days, the LTC price has been on a strong rally and has gained over 40%. However, so far in 2023, the LTC price has touched these price levels multiple times. If Litecoin manages to give a strong breakout above the psychological barrier of $100, it could continue to touch new highs further.
The reason behind Litecoin Bulls turning active once again is the upcoming halving event around mid-August 2023. The upcoming Litecoin halving will reduce the block rewards to half from 12.5 LTC per mined block to 6.25 LTC per mined block. Thus, this reduction in supply and future scarcity is driving the prices higher.
With the reduction in supply due to scarcity, there is a possibility for LTC to surpass the $100 mark after the halving event. Such a milestone could potentially stimulate a significant rally in the crypto market, as positive sentiment and profits from LTC spill over to other cryptocurrencies.
Litecoin Hashrate At All-Time High
As the halving event draws closer, investor activity on the Litecoin blockchain has increased. A week after Litecoin’s payment transactions hitting an all-time high, the Litecoin hashrate has also surged to a new all-time high.
During June, there has been a significant increase in the hashrate of Litecoin mining. The mining difficulty has also gone up, which means it’s harder to find new blocks. Miners have responded by adding more machines to increase their chances of finding blocks, resulting in a higher hashrate.
As a result, the Litecoin network has reached its highest hashrate ever, reaching 958.36 terahashes per second (TH/s) on June 28, 2023, according to data from CoinWarz. This is a positive sign for the network and its cryptocurrency, LTC, despite a recent decline in the overall global hashrate, which currently sits at 745.71 TH/s.
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