– Litecoin (LTC), one of the oldest and most well-known cryptocurrencies, has reached a new network performance milestone. Litecoin’s hashrate has far surpassed petahash, reaching an all-time high of 1.31 PH/s.
Hashrate is a measure of the processing power used to secure and process transactions on a blockchain network. The higher the hashrate, the more secure and resistant to attacks the network is, indicating more miners.
Litecoin’s hashrate has reached an all-time high!
Miners are nodes in the blockchain that validate transactions and create new blocks. Miners are rewarded in the form of newly minted coins and transaction fees.
Litecoin, which emerged in 2011 as a fork of Bitcoin, uses proof-of-work (PoW) consensus with several variations. Like Bitcoin, Litecoin has a limited supply: the maximum number of coins created to date is 84 million LTC. There are currently 74 million in circulation, and it will take about 120 years to mine the rest.
Lightcoin claims to be the largest global script-based network, operating with 100 percent uptime since 2011, protecting and trading billions of dollars.
In a Jan. 26 tweet, Litecoin said the network will process more than 16 million transactions in 2024.
Litecoin has been trading in a wide range since its price stalled after halving in 2023. Bullish attempts to break out of this range have been repelled by the bear camp around $75-80.
The bulls continue to fight hard, but they have a tough time in the short term.
Litecoin is currently being held back by the daily MA50 near $70.12, which is the closest barrier for the price. During today’s trading session, Litecoin’s price was on the rise, but the bulls were unable to overcome this level.
At the time of writing, LTC has fallen 0.82% in the last 24 hours to $67.72.
Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to the study of cryptocurrencies by conducting comprehensive price analysis and sharing forecasts of expected market trends.Tomiwabold holds a degree from the University of Lagos.