In less than five weeks, litecoin will introduce new coins to be halved, leading to an outstanding performance as it outpaced its peers.
The fourth-largest cryptocurrency by market capitalization is currently trading at $123, representing 5 percent gains on a seven-day basis, according to data source CoinMarketCap.
Meanwhile, the top cryptocurrency by market value Bitcoin, reported a meager 1 percent gain. Other top-10 cryptocurrencies are trading mixed as seen in the table below.
Litecoin’s recent relatively shining performance could be associated with the mining reward halving due on Aug. 6 this year.
The process is aimed at curbing inflation by reducing the coins paid out for mining on litecoin’s blockchain by half. So, after Aug. 6, miners will get 12.5 coins for every block mined – down 50 percent from the current reward of 25 coins.
Essentially, miners will be adding fewer coins to the ecosystem, likely leading to less in circulation. The impending supply cut might have helped LTC outperform its peers in the last seven days.
Meanwhile, litecoin’s hash rate, or computing power dedicated to mining, rose to a record high of 468.1019 TH/s this week. Notably, the metric is currently up 220 percent from the low of 146.2118 TH/s seen in December.
- Hashpower 11 TH/s
- Mining days: 655
- Alghoritm: SHA-256
- Daily Fees: $0.86