Bitcoin‘s little brother, commonly known as Litecoin (LTC), has hit a couple of new milestones with its network in terms of mining difficulty and hashrate. The team at Litecoin Foundation tweeted late Tuesday that the LTC network had hit a new all-time high in terms of mining difficulty.
Litecoin mining difficulty is hitting a new high!🚀
Difficulty is a variable measure of how difficult it is to find a hash below a given target. An important metric for mining & how the truly decentralized #Litecoin network controls new coin issuance $LTC https://t.co/OXfCrjwvxs pic.twitter.com/9Iooj65Gqq
— Litecoin Foundation ⚡️ (@LTCFoundation) January 3, 2023
Data from Coinwarz.com shows that Litecoin’s difficulty has hit a peak of 21,057,472.1446. In addition, the Litecoin hashrate has hit a new all-time high of 645 TH/s.
Litecoin Turns Bullish 8 Months Before its Halving
The all-time high values of Litecoin’s metrics of difficulty and hashrate come eight months before the digital asset is scheduled for its LTC halving. The event is estimated to occur on August 3rd and is expected to reduce its block reward from the current 12.5 LTC per bloc to 6.25 LTC. The halving will therefore create a sense of scarcity around Litecoin and propel its value to higher levels.
In an earlier analysis, Solana Daily Brief forecasted that Litecoin could rise to as high as $100 in the coming weeks or months as halving hype grows around the August event.
At the time of writing, Litecoin is trading at $76.22 and looks set to be eyeing the $80 support level as it journeys on to the 200-week moving average around the $100 price area.
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