Litecoin’s Hashrate Hits Record 1.31 PH/s

Despite processing over 16 million transactions in 2024, Litecoin faces price resistance at $70.12, with recent trading at $67.72.

One of the most established and long-standing cryptocurrencies, Litecoin (LTC), has launched a new standard for network performance.

PetaHash is now far behind LTC’s hashrate, which has reached a new all-time peak of 1.31 PH/s.

The computing capacity utilized to secure and process transactions on a blockchain network is quantified by hashrate. Many miners participate in a more secure network and resist attacks, as a higher hashrate indicates.

The nodes on the blockchain that authenticate transactions and generate new blocks are called miners. They receive newlyminted coins and transaction fees as compensation.

Litecoin, which debuted in 2011 as a fork of Bitcoin, employs a modified proof-of-work (PoW) consensus mechanism.

Like Bitcoin, LTC has a finite supply; 84 million LTC is the utmost number of coins that could ever be created. Presently, 74 million are in circulation; the remaining portion will require approximately 120 years to mine.

Touting itself as the largest Scrypt-based network globally, Litecoin has secured and transacted billions of dollars worth of value with perfect uptime since 2011.

Litecoin announced in a tweet dated January 26 that, thus far in 2024, the network has processed more than 16 million transactions, which is another remarkable achievement.

Price Movement of Litecoin

Litecoin had fluctuated widely in price since its recent halving in 2023, when it reached a stalemate. Bears have thwarted bull attempts to exit this range within $75 to $80.

Bulls persist in a struggle but are confronted with a more formidable challenge in the immediate future.

Price constraints are presently imposed on LTC at the daily MA 50 of $70.12, which serves as a near-term barrier. The price of LTC rose during the trading session today, but investors were unable to surpass this level.

During the previous twenty-four hours, LTC was down 0.82% to $67.72 at the time of writing.