Litecoin (LTC), a cryptocurrency often referred to as "digital silver" to Bitcoin's "digital gold," has surged past the $100 mark, rising nearly 34% over the weekend.
Litecoin's Price Has Increased About 53% Year-to-Date
Litecoin (LTC), a cryptocurrency often referred to as "digital silver" to Bitcoin's "digital gold," has surged past the $100 mark, rising nearly 34% over the weekend.
This occurs at a time when the hash rate of the Litecoin blockchain has nearly doubled over the past year, reaching a high of 958 terahashes per second on Tuesday. It is currently at roughly 765 Th/s.
The Litecoin community is also preparing for the upcoming "halving" event, which will limit the rate of new currency issuance by 50% and is scheduled to occur on August 5. As a result, the rate at which new tokens enter the market slows down, and fundamental supply and demand factors are considered as being the primary forces behind expected gains.
Litecoin's price has increased about 53% year-to-date, and reached its yearly highs of $114.50 on July 3. The upcoming halving event is contributing to the mounting anticipation of further price gains.
