Litecoin surged past the $100 mark, buoyed by factors including a rising hash rate and an approaching 'halving' event.
The price surge coincides with Litecoin’s hash rate hovering just short of an all-time high.Connect/Create WalletNo wallet? No problem. You can set one up for free. We recommend Torus for first-time users.Litecoin surged past the $100 mark on Friday, buoyed by a soaring hash rate and mounting anticipation of the next approaching"halving" event.
Often dubbed as"digital silver’" to bitcoin"digital gold," LTC is presently trading at $102, rising nearly 20% over the past 24 hours, per tradingThe gains have followed a rising hash rate, a metric used to measure the computational power devoted to the Litecoin blockchain. According to , that rate has seen a near twofold increase over the last year, peaking at a high of 797.5 Terahashes per second on Tuesday. Currently, it stands at around 758 Th/s.The price action is also occurring as the Litecoin community is getting ready for the next"halving" event set to take place on August 5.
Halving events, a characteristic of many proof-of-work cryptocurrencies, reduce the rate of new coin issuance by 50%, effectively decelerating the pace at which new tokens enter the market. Such events are frequently discussed alongside rising prices, with basic supply and demand principles seen driving potential gains.© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only.
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