Litecoin explodes above $100

The halving event also called Litecoin halving is coming in less than five weeks. The approach of the date causes a significant increase in the hash rate of the network which has already reached an all-time high. In turn, this increase caused the price of Litecoin (LTC) to increase by more than 15% over the past week. At the time of writing, Litecoin broke through the crucial $100 mark.

Litecoin Hash Rate Soars As Halving Approaches

The halving or halving is a feature of Blockchains Proof of Work or proof of work. This is the case of Bitcoin for example and of course Litecoin which is forked from the queen of crypto-currencies. The event is expected on August 02, 2023 at block 2,520,000. The event will cause the rate of issuance of new coins to be reduced by 50%, which in turn will slow the rate at which new tokens enter the market.

It is in this context that we were able to certify an increase in the hash rate, a metric used to measure the computing power devoted to the Litecoin blockchain. According to data from BitInfoCharts, this rate has almost doubled in the last year, peaking at 797.5 Terahashes per second on Tuesday. Currently, it is around 758 Th/s.

LTC Surpasses $100, How High Will It Go?

Litecoin crossed the $100 mark on Friday June 30, which is a crucial goal. This increase is directly due to the booming hash rate. On the other hand, a growing anticipation of the next approaching “halving” event may also be the cause. The LTC token that some are dubbing “the very first altcoin” is trading at over $106. This represents a almost 20% increase in the last 24 hours. In total, since the beginning of the year, the price of Litecoin has increased by around 45%.

It is not really a surprise that the price of a cryptocurrency increases when an event such as the halving approaches. The most interesting would be to know how investors will behave by August 02. More interestingly, could Litecoin keep this price after its halving?