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Litecoin is again in motion with the LTC worth taking pictures 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 final 15 days, the LTC worth has been on a robust rally and has gained over 40%. However, up to now in 2023, the LTC worth has touched these worth ranges a number of occasions. If Litecoin manages to present a robust breakout above the psychological barrier of $100, it may proceed to the touch new highs additional.

The motive behind Litecoin Bulls turning lively as soon as once more is the upcoming halving occasion round mid-August 2023. The upcoming Litecoin halving will scale 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 increased.

With the discount in provide attributable to shortage, there’s a risk for LTC to surpass the $100 mark after the halving occasion. Such a milestone may doubtlessly stimulate a major rally within the crypto market, as constructive sentiment and income from LTC spill over to different cryptocurrencies.

Litecoin Hashrate At All-Time High

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

During June, there was a major enhance within the hashrate of Litecoin mining. The mining issue has additionally gone up, which suggests it’s tougher to search out new blocks. Miners have responded by including extra machines to extend their probabilities of discovering blocks, leading to the next hashrate.

As a end result, the Litecoin community has reached its highest hashrate ever, reaching 958.36 terahashes per second (TH/s) on June 28, 2023, in accordance with data from CoinWarz. This is a constructive signal for the community and its cryptocurrency, LTC, regardless of a current decline within the total international hashrate, which presently sits at 745.71 TH/s.

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

The offered content material could embody 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 duty on your private monetary loss.

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