Litecoin (LTC) has stood out as one of the most bullish cryptocurrencies in 2023, largely due to the excitement surrounding its upcoming halving event. This has driven the digital asset’s price to surpass the market average significantly. Furthermore, the bull case for Litecoin has strengthened even further as its hashrate has recently reached an all-time high.
Litecoin Hashrate Touches New All-Time High
With the halving event approaching, the Litecoin network has attracted more attention, leading to a surge in its hashrate as additional miners join the network. Throughout June, there have been substantial spikes in the hashrate, following the increase in mining difficulty. As the mining difficulty rises, miners are required to deploy more machines to enhance their chances of finding a block, resulting in the surge of the hashrate. As a result, the Litecoin hashrate has now reached an impressive 958.36 terahashes per second (TH/s) on June 28, 2023, setting a new record high for the network, surpassing the previous peak of just above 800 TH/s.
Despite a slight decline in the global hashrate to 735.71 TH/s, the significant spike indicates positive progress for the Litecoin network and its native token, LTC.
Litecoin Could Surge Upon Halving Event
Looking ahead, the Litecoin halving, which will reduce block rewards from 12.5 LTC to 6.25 LTC per mined block, is less than two months away. Historically, halving events have created scarcity and resulted in price surges for digital assets. Therefore, a surge in LTC’s price is anticipated as the halving approaches.
The rising hashrate of Litecoin is a clear indication that miners are gearing up for the halving event, showcasing renewed confidence in the digital asset. As the event nears, investors can expect Litecoin to maintain positive momentum despite any market bearishness.
Currently, LTC is trading at $85.40 per coin, experiencing a 3.08% decrease over the past week. However, the potential impact of the halving event may lead to a significant price surge, with some predicting LTC to reach $100 or beyond. Such a development could also have positive implications for the broader crypto market, as sentiment and profits from LTC may spill over into other cryptocurrencies.
