As the system currently relies on the strength of its security, stability, and value propositions in the short and long terms, Litecoin (LTC) has joined the league of the top performing cryptocurrencies today. The LTC coin has had a cumulative growth rate of 16.42% over the last 24 hours and is currently trading on exchanges for an average price of $97.64.
Positive Litecoin fundamentals
The Litecoin protocol is now experiencing several good fundamentals, which is in line with the current optimistic market attitude. As more miners connect to the network, the protocol is experiencing a surge in hashrate.
The current Litecoin hashrate, as measured by Coinwarz, is 745.39 TH/s, which corresponds to the hashrate of the whole Litecoin network with a mining difficulty of 26.38 M at block height 2,500,528. When there are more miners connected to the network, the mining difficulty often rises, which is a sign of decentralisation and, consequently, security.
Litecoin has shown tremendous price and hashrate growth over the previous several weeks, and so far this month, it has experienced a little increase of 6.77%.
Halving sentiment
The halving event that is scheduled to occur in August is another factor enhancing Litecoin’s appeal. Similar to Bitcoin’s, the Litecoin halving occurs every four years and results in a halving of the incentives given to miners.
The halving is intended to slow down the production of new LTC tokens, which introduces a deflationary aspect and might have a long-term effect on the price of the virtual currency.
According to earlier predictions, based on the developing halving attitude, investors may start buying LTC in large quantities in the upcoming weeks.
