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According to CoinMarketCap, the global crypto market cap experienced a 1.82% increase in the past 24 hours, bringing the collective market cap to $1.19 trillion at the time of writing. While numerous cryptocurrencies saw daily gains, Litecoin (LTC) stood out by recording a double-digit increase during this period.
LTC price (Source: CoinMarketCap)
Over the past 24 hours, LTC’s price surged by 14.35%, elevating its price to $95.71 at press time. This positive daily performance also led to a weekly gain of +10.81% for the altcoin. The substantial increase in the crypto’s price can be attributed to 3 key factors: the upcoming halving event, its high hashrate reaching an all-time high and LTC’s recent listing on EDX Markets.
The Litecoin halving is scheduled to take place within the next two months, which will result in a reduction of block rewards from 12.5 LTC per mined block to 6.25 LTC per mined block. Historically, halving events have created a sense of scarcity around digital assets, often leading to price surges as the event approaches.
As the halving event draws nearer, the Litecoin network has been gaining increased attention, attracting a larger number of miners. This influx of miners has caused a surge in the network’s hashrate, with significant spikes observed this past month due to the growing mining difficulty.
The rise in mining difficulty poses a greater challenge in finding blocks, prompting miners to expand their operations by adding more machines to increase their chances. Consequently, the hashrate of the Litecoin network has reached its highest level to date, indicating a positive development for both the network and its native token LTC.
Meanwhile, EDX Markets, a newly launched crypto exchange supported by prominent Wall Street entities including Citadel Markets, Schwab, and Fidelity, has included Litecoin among its offered cryptocurrencies. To set itself apart from other exchanges, EDX Markets announced trading options for four coins: Bitcoin (BTC), LTC, Ethereum (ETH), and Bitcoin Cash (BCH).
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