Litecoin (LTC) has been one of the most bullish coins for the year 2023 with anticipation around its forthcoming halving event. This has propelled the digital asset toward price increases higher than the market average. And now, once again, the bull case for the digital asset is even stronger as its hashrate has risen rapidly to a new peak.
Litecoin Hashrate Touches New All-Time High
As the halving event draws closer, more attention is being paid to the Litecoin network. This has led to an increase in the hashrate of the network as more miners are joining the network. Most of the month of June has seen large spikes in hashrate following the rise in the mining difficulty.
The rise in mining difficulty means that it is harder to find a block and as such, miners have to bring more machines online to increase their chances, leading to a spike in the hashrate. And as more miners are brought online, the Litecoin hashrate has touched its highest level yet.
According to data from CoinWarz, the Litecoin hashrate reached 958.36 terahashes per second (TH/s), on Wednesday, June 28, 2023. This is a new all-time high for the network whose previous all-time high had data just above 800 TH/s.
Litecoin hashrate reaches new all-time high | Source: CoinWarz
The hashrate has seen a decline and is now sitting at 735.71 TH/s for the global hashrate. However, the spike points toward a more positive development for its network and its native token LTC.
LTC Could Surge Upon Halving Event
The Litecoin halving which will cut block rewards down from 12.5 LTC per mined block to 6.25 LTC per mined block is now less than two months away. As halving events have been known to impose a level of scarcity on a digital asset, a surge in the price of LTC is expected as the event draws closer.
LTC price sitting above $85 support | Source: LTCUSD on TradingView.com
This scarcity would see supply reduce and if demand continues to rise, then LTC is poised to break $100 by the time the halving is done. If this happens, it could also trigger a reasonable rally in the crypto market as positive sentiment and profits from LTC spills over into the rest of the crypto market.
Litecoin’s rise in hashrate already shows that miners are preparing for the halving, indicating renewed fate in the digital asset. As the next few weeks leading up to the event roll by, investors can expect LTC to trade in the green despite market bearishness.
At the time of writing, LTC is trading at a price of $85.40 per coin, down 3.08% in the past week.
Featured image from Unsplash, chart from TradingView.com