Litecoin is one of the cryptocurrencies leading today’s cryptocurrency market gains, as the network records a new all-time high hashrate. The Litecoin community is also getting ready for a halving which is set to take place in August.
Litecoin Hashrate Reaches New All-Time High
The recent surge in Litecoin (LTC) price to $99 has led to the network reaching a new all-time high. The increase in hashrate implies that it has become harder for a single person to carry out an attack on the Litecoin blockchain.
Data compiled by BitInfoCharts shows that the Litecoin network’s hashrate reached 359.43TH/s on 4th April 2019. This new height surpasses the previous record of 342.88TH/s which was recorded 11 months ago.
It is worthy to note that the Litecoin hashrate has historically followed the price of the cryptocurrency. Asides the price, another reason that could have led to an increase is the use of more efficient mining hardware.
Litecoin Lightning Network Surpasses 1,000 Channels
The Lightning Network of the fifth largest cryptocurrency has been on the rise, and it surpassed the 1,000 channel mark last month. According to the official blog post, the Litecoin Lightning network reached 1,012 active channels between 161 participants.
Averagely, each node has approximately six connections to others on the Litecoin network. However, it is not an essential metric since the channels require funds to make the network usable. However, the increase in Lightning Network channels also led to an increase in activity as the rise in LTC plays a crucial role in attracting more people to the cryptocurrency.
Litecoin believes that the trend is not about to stop anytime soon as Litecoin continues to experience a massive surge in its price. It has overtaken EOS as the fifth largest cryptocurrency, and it is closing in on Bitcoin Cash in terms of market cap.
Mimblewimble On The Way
In February, Litecoin Foundation partnered with Beam regarding the implementation of Mimblewimble via Extension Blocks on the Litecoin network. Mimblewimble is a blockchain privacy protocol that is focused on scalability.
The integration of this protocol in Litecoin will pave the way for the on-chain conversion of regular LTC into a Mimblewimble variant of LTC and vice versa. When that happens, then it is possible for users to transact with Mimblewimble LTC in complete privacy.
Litecoin Halving Event Draws Closer
The Litecoin block mining reward halves every 840,000 blocks, and the next halving is expected to happen in August, approximately 113 days. At the moment, there are 65,117 blocks remaining until the next block reward halving.
There are some analysts who attribute the upcoming halving as the reason behind the continuous increase in LTC price. To validate such claim, look no further than the last halving event on August 25, 2015, with data showing that the cryptocurrency rallied in the months leading up to the mining reward reduction.
History is repeating itself, with Litecoin on a Bull Run that has seen it gain ground and currently occupying the fifth spot on Coinmarketcap.
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Hassan is a cryptocurrency and stock market writer and enthusiast. The financial world has become his primary interest, with movies and books being some of his favourite pastime activities. He is an investor in many blockchain projects including Bitcoin, Stellar Lumens, Cardano, VeChain, Gifto, and Cindicator. Hassan also writes for important outlets like Blokt.com