Sunday, July 21, 2024

Litecoin (LTC), a popular cryptocurrency, has experienced a significant surge of over 40% against the U.S. dollar in the past two weeks. This surge came after the crypto exchange EDX announced the listing of LTC, along with three other prominent digital currencies. Adding to the excitement, Litecoin is on the verge of a reward halving, with only 30 days left until its block reward subsidy decreases from 12.5 LTC to 6.25 LTC.

In the last two weeks alone, LTC has surged over 40% against the U.S. dollar, outperforming many other digital assets. Over the course of 30 days, LTC has risen by 13.7%. Year-to-date, LTC has gained an impressive 119.7%, propelling it into the top ten rankings of the crypto economy.

According to coingecko.com, LTC is currently ranked 10th, while coinmarketcap.com (CMC) places LTC in the ninth position. The slight discrepancy arises because coingecko.com includes lido’s staked ether (STETH) in the top ten, whereas CMC does not. As of July 3, 2023, LTC is being traded between $110 and $114 per unit, with a market valuation slightly exceeding $8 billion. LTC ranks seventh in terms of global trade volume, with approximately $1.274 billion traded within 24 hours. Coinbase is the most active exchange for LTC trades, with the most popular trading pair being tether (USDT).

Litecoin’s hashrate, which represents the computational power securing the network, has also experienced a significant increase. Since June 19, approximately 100 terahash per second (TH/s) of hashpower have been added to the chain, bringing the current hashrate to 760 TH/s. This surge has propelled Litecoin’s hashrate to reach an all-time high this year, peaking at 958.36 TH/s on June 28, 2023. About 22 mining pools are involved in LTC mining, with Viabtc leading the way by contributing a total hashrate of 254.91 TH/s over the past 24 hours.

Looking ahead, the Litecoin network is preparing for a reward halving expected to occur in 30 days, around August 3, 2023. This event will reduce the subsidy by 50%, from 12.5 LTC to 6.25 LTC. Presently, there are approximately 73,280,183 LTC in circulation, with just over 17,000 blocks remaining until the halving. On average, blocks are mined every 2.5 minutes. LTC’s current value remains 73% lower than its all-time high on May 10, 2021, when it reached $410 per unit.

The recent surge in price, the upcoming reward halving, and the increased hashrate raise questions about the potential for sustained growth in Litecoin. Only time will tell whether these factors will lead to long-term success. Share your thoughts on Litecoin’s potential in the comments section below.

Frequently Asked Questions (FAQs) about cryptocurrency

What is the reason behind Litecoin’s surge in value?

Litecoin’s surge in value can be attributed to two main factors. Firstly, the announcement of its listing on the crypto exchange EDX alongside other prominent digital currencies generated significant market interest. Secondly, there is anticipation surrounding Litecoin’s upcoming reward halving, where the block reward subsidy will be reduced by 50%, leading to potential supply scarcity and increased demand.

How much has Litecoin’s value increased in the past two weeks?

Litecoin has experienced an impressive surge of over 40% against the U.S. dollar in the past two weeks alone. This surge has outperformed many other digital assets in the market.

What are the rankings of Litecoin among cryptocurrencies?

According to coingecko.com, Litecoin is currently ranked 10th among cryptocurrencies. However, coinmarketcap.com places Litecoin in the ninth position. The slight discrepancy arises due to the inclusion of lido’s staked ether (STETH) by coingecko.com in the top ten, whereas coinmarketcap.com does not include it.

What is the current trading range and market valuation of Litecoin?

As of July 3, 2023, Litecoin is being traded between $110 and $114 per unit. Its market valuation slightly exceeds $8 billion.

How has Litecoin’s hashrate been affected?

Litecoin’s hashrate has witnessed a significant increase, with approximately 100 terahash per second (TH/s) of hashpower added to the chain since June 19. Presently, the hashrate stands at 760 TH/s, reaching an all-time high this year.

When is the next Litecoin reward halving?

The next Litecoin reward halving is expected to occur in approximately 30 days, around August 3, 2023. During this event, the subsidy will be reduced by 50%, from 12.5 LTC to 6.25 LTC.

How many Litecoin blocks are left until the halving?

There are just over 17,000 Litecoin blocks remaining until the next halving. On average, blocks are mined every 2.5 minutes.

What percentage of Litecoin’s supply is held by the top holders?

According to current rich list data, the top ten wallets control 13.58% of Litecoin’s entire supply, while the top 100 holders control approximately 38.58% of the supply.

How does Litecoin’s current value compare to its all-time high?

Despite its year-to-date increase of 119.7%, Litecoin’s current value remains 73% lower than its all-time high on May 10, 2021, when it reached $410 per unit.

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4 comments

CryptoTrader101 July 4, 2023 - 1:07 am

LTC to the moon! Up 40% in 2 wks, and EDX listin’ boostin’ the hype. Halving comin’ up soon, let’s ride the wave! #Litecoin #crypto #hodl

Reply
CryptoFan88 July 4, 2023 - 2:40 am

wowww litecoin surgin sooo high!! its listed on EDX and reward halving cmin!! gonna be huge!! #moon

Reply
CryptoGuru July 4, 2023 - 2:12 pm

LTC rockin’ it! 40% gain in just 2 wks? That’s what I’m talkin’ about! Can’t wait for the halving, gonna be lit! #Litecoin #crypto

Reply
BitcoinMax July 4, 2023 - 3:04 pm

Finally, Litecoin catchin’ up! Lookin’ forward to seein’ if this surge and the halving can keep the momentum goin’. #Litecoin #cryptomarket

Reply

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