30 Jun 2023 Jane Whitmoore
Litecoin Skyrockets 15% In Just A Day, Reaching Nearly $100
With the LTC prices making yet another 15% incline in the last 24 hours and eyeing the next milestone of $100, Litecoin is returning into the spotlight. As of the time of publication, Litecoin (LTC) reached a market capitalization of approximately $7 billion and is trading at $96.22.
The LTC price has risen sharply during the past 15 days, gaining more than 40%. However, the LTC price has already reached these price levels many times in 2023. If Litecoin is able to successfully break beyond the psychological threshold of $100, it may be able to reach even higher heights in the future.
The upcoming halving event, which will take place around mid-August 2023, is the cause of Litecoin Bulls being active once more. The block rewards will drop from 12.5 LTC for each mined block to 6.25 LTC per mined block as a result of the impending Litecoin halving. As a result, future scarcity and supply reduction are raising prices.
Network activity peak may be driving the price up
After the supply halving event, there is a chance that LTC will surpass the $100 threshold due to the decrease in supply brought on by scarcity. A large surge in the cryptocurrency market may be sparked by such a milestone as LTC's good sentiment and gains spread to other cryptocurrencies.
As the halving event is inching closer, investor activity on the Litecoin blockchain has seen a substantial bump. Just 7 days after Litecoin’s payment transactions hitting an all-time high, the Litecoin hashrate has also found its way to a new all-time high. Furthermore, in June, there has been a significant increase in the hashrate of Litecoin mining.
The mining difficulty has also increased, which means it’s becoming increasingly harder to mine new blocks. Miners have responded by increasing the number of machines to increase their chances of finding blocks, resulting in a higher hashrate. As a result, the Litecoin network has reached its highest hashrate ever, climbing to a figure of 958.36 terahashes per second (TH/s) on June 28, 2023, according to CoinWarz data.
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