Litecoin Gains Momentum: High Hashrate, Reduced Mining Difficulty, and Halving on Horizon

Litecoin (LTC), one of the leading cryptocurrencies, has been experiencing an impressive surge recently, both on the price and network fronts. The coin’s hash rate has been on the rise, currently standing at 724.338 Thash/s, signaling a healthy, growing network.

Contrary to the rising hash rate, LTC’s mining difficulty has experienced a decline. While this is usually seen as a negative, it could also be perceived as a possible stimulant to attract more miners, due to reduced competition. In a further boost to the network, miners’ fees, after a brief decline, have also begun to ascend according to data from Glassnode.

The Litecoin market has been echoing the positive network indicators. Over the past week, LTC’s price increased by 4%, reaching $92.53 at the time of reporting. This puts Litecoin’s market capitalization at over $6.7 billion, as per CoinMarketCap.

A key event possibly fueling this positive momentum is the upcoming Litecoin halving, scheduled for the next two months. Historically, such halving events have often preceded price hikes. Given this, the market is seemingly bracing itself for a potential further increase in LTC’s price.

Indicators suggest a strong positive sentiment surrounding LTC among investors. Data from Santiment shows a recent spike in LTC’s weighted sentiment and high social dominance, reflecting the token’s popularity in the cryptocurrency market.