Litecoin Hash Rate Hits New ATH, Price Up 28% in Last 24 Hours

• The price of LTC has risen by almost 28% in the last 24 hours, breaching the $100 level. 
• The recent momentum has taken LTC back into the top 10 in the list as per CMC.

The next Litecoin halving is scheduled for August 2, 2023, at block 2,520,000. The network hash rate has already hit an all-time high, which is good news for Litecoin miners as they wait for the highly awaited event.

The price of LTC has risen by almost 28% in the last 24 hours, breaching the $100 level. Bitinfohcharts reports that this week, the hash rate for Litecoin reached a new all-time high of 797.72 tera hash/second (Th/s), which is a measure of the computational capacity of the network as a whole.

Despite the tremendous volatility in LTC’s price trajectory over the last month, the hash rate data have been on a steady upward trend.

Strong Bullish Momentum

Litecoin’s hash rate reached an all-time high of 523 Th/s during the last halving event before sharply declining. Midway through 2022 was when the metric started climbing again. Litecoin’s hash rate and mining difficulty are both close to their respective ATHs, with both now sitting at about 26.38 million. This pattern indicates that it is becoming harder for miners to find new blocks and earn rewards.

The block reward will be cut in half, from 12.5 LTC to 6.25 LTC, during the future halving, which is scheduled to occur on August 2, 2023, at block 2,520,000.

Moreover, the recent activities have taken LTC back into the top 10 in the list as per CMC. Litecoin now ranks at 9 above Solana. On the other hand, as per statistics from Kaiko, Litecoin ranks number 5^th. This list takes into account market depth with volume combined.

The value of LTC has also been rising rapidly recently. The trading volume is up almost 500% as investors are optimistic and excited over upcoming event.

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