Litecoin (LTC) has been one of the most bullish coins of 2023 with anticipation around the upcoming halving event. This digital asset has pushed towards price increases above the market average. And now, once again, the bull case for the digital asset is getting stronger as its hash rate has rapidly climbed to a new peak.
Litecoin Hashrate Touches New All-Time High
With the halving event approaching, more attention is being paid to the Litecoin network. This has resulted in the network hash rate increasing as more miners join the network. Most of June saw significant spikes in the hash rate after mining difficulty rose.
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, which leads to a higher hash rate. And with the increase in the number of miners online, the Litecoin hash rate has reached its highest levels yet.
According to data from CoinWarz, Litecoin hash rate 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 data was just over 800 TH/s.
Litecoin hashrate reaches new all-time high | Source: CoinWarz
The hash rate has seen a decrease and is now at 735.71 TH/s for the global hash. However, the rise indicates a more positive development for its network and native token, LTC.
LTC can go up when the halving event occurs
Litecoin half Which will reduce block rewards from 12.5 LTC per block mined to 6.25 LTC per block mined now after less than two months. Since halving events are known to impose a level of scarcity on the digital asset, an increase in the price of LTC is expected as the event approaches.
LTC price sitting above $85 support | Source: LTCUSD on TradingView.com
This scarcity will result in lower supply and if demand continues to rise, LTC is poised to break $100 by the time the halving is completed. If this happens, it could also lead to a reasonable rally in the cryptocurrency market as positive sentiment and profits from LTC seep into the rest of the crypto market.
Litecoin’s hash rate surge already shows that miners are preparing for a halving, which points to a renewed fate in the digital asset. As the next few weeks go by leading up to the event, investors can expect LTC to trade in the green despite the bearish market trend.
At the time of writing, LTC was trading at $85.40 per coin, down 3.08% in the past week.
Featured image from Unsplash, chart from TradingView.com