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- The value of LTC has increased by nearly 28% over the past 24 hours, surpassing the $100 mark.
- This recent surge has propelled LTC back into the top 10 rankings according to CMC.
The upcoming Litecoin halving is set for August 2, 2023, at block 2,520,000. The network’s hash rate has already achieved a new all-time high, which is favorable for Litecoin miners as they anticipate this significant event.
The price of LTC has increased by nearly 28% in the last 24 hours, exceeding the $100 threshold. Bitinfocharts indicates that this week, Litecoin’s hash rate reached a record high of 797.72 tera hash/second (Th/s), reflecting the overall computational power of the network.
Despite the significant fluctuations in LTC’s price over the past month, the hash rate metrics have consistently shown an upward trend.
Strong Bullish Momentum
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Litecoin’s hash rate peaked at 523 Th/s during the previous halving event before experiencing a sharp decline. The metric began to rise again in mid-2022. Currently, Litecoin’s hash rate and mining difficulty are both nearing their respective all-time highs, with both metrics around 26.38 million. This trend suggests that it is becoming increasingly challenging for miners to discover new blocks and receive rewards.
The block reward is set to be halved from 12.5 LTC to 6.25 LTC during the forthcoming halving, which is scheduled for August 2, 2023, at block 2,520,000.
Additionally, the recent developments have restored LTC to the top 10 rankings according to CMC, with Litecoin now positioned at 9, above Solana. Conversely, statistics from Kaiko place Litecoin in the 5th position, based on market depth and combined volume.
Presenting our Q2 update to Kaiko's Liquidity Ranking for Crypto Assets
This week's Deep Dive ranks each of the top 30 assets by liquidity, comparing liquidity to its market cap to identify the most misleading tokens
Teaser:$ARB$TRX
https://t.co/sEgkiyR2Uc
— Kaiko (@KaikoData) June 29, 2023
$TRX The price of LTC has also been experiencing rapid growth recently. The trading volume has surged by nearly 500% as investors express optimism and enthusiasm regarding the upcoming event.
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