One of the most well-known and established cryptocurrencies, Litecoin (LTC), has achieved a new benchmark for network performance. With a new all-time high of 1.31 PH/s, Litecoin’s hashrate has surpassed PetaHash by a significant margin.
The amount of processing power needed to safeguard and handle transactions on a blockchain network is measured by something called hashrate. A greater hashrate suggests that more miners are using the network, making it more secure and impervious to assaults.
https://x.com/litecoin/status/1752489370337063192?s=20
The nodes on the blockchain that validate transactions and add new blocks are known as miners. They receive transaction fees in addition to freshly struck coins as payment.
With certain modifications, Litecoin, which debuted in 2011 as a fork of Bitcoin, has a proof-of-work (PoW) consensus. Similar to Bitcoin, the maximum quantity of Litecoin that may ever be produced is 84 million LTC. There are 74 million in use right now, and mining the remaining amount will take around 120 years.
As the largest Scrypt-based network in the world, Litecoin claims to have secured and transacted billions of dollars’ worth of value while operating 100% uptime since 2011.
Litecoin revealed in a tweet on January 26 that the network had handled over 16 million transactions in 2024—another incredible milestone.
Litecoin price action
Since its price peaked in 2023 following its most recent halving, Litecoin has fluctuated widely. Bulls have tried to break out of this level, but bears around $75 to $80 have resisted their advances.
Bulls continue to fight, but they will soon have a more difficult challenge ahead of them.
The price of Litecoin is now being restrained by a near-term hurdle at the daily MA 50 of $70.12. During today’s trading session, the price of Litecoin increased, but bulls were unable to push it over this point.
As of this writing, LTC has dropped 0.82% to $67.72 during the previous day.
