Litecoin: Hashrate hits 2nd highest level

Sahana Kiran
Source – Pixabay

The digital silver to Bitcoin’s gold, Litecoin [LTC], one of the oldest cryptocurrencies seems to have resurrected. After remaining low-key for the longest time, the altcoin made news with its MimbleWimble update. As the network preps for its big development, the hash rate of the altcoin was skyrocketing.

As per data curated by the Litecoin Foundation, the hash rate of the altcoin surged to its second-highest level. Further explaining the importance of the latest metric the platform tweeted,

While the hash rate of the altcoin was taking off, Litecoin’s price was witnessing recovery. Over the last month, LTC recorded a steep surge. Despite this, the altcoin was close to 70 percent below its all-time high of $412.96. This high was attained nearly a year ago.

Litecoin seems to have failed to navigate its way back over $200. During press time, LTC was trading for $126.60 with a 1.06 percent surge over the last 24-hours. The last couple of days did not bring in any gains for the altcoin as it dropped by 4 percent.

Litecoin still a favorite?

The emergence of several new coins hasn’t faded the love for old ones. Prominent crypto payments processor, BitPay has spread across an array of countries. At present, the platform supports an array of coins like Bitcoin [BTC], Ethereum [ETH], Dogecoin [DOGE] as well as Shiba Inu [SHIB].

Meme coins are taking over the crypto-verse. Yet, individuals seem to be opting for digital silver instead. The network recently revealed that it was the second most popular choice for payments in BitPay.

Bitcoin, the world’s largest cryptocurrency remains the undefeated champion. Despite its value, BTC was the first choice for payments. LTC was second with 14.3 percent of transactions in the altcoin. Ethereum took over third place and the rest followed suit.

With MimbleWimble, its hash rate as well as price, Litecoin seemed to be making a comeback into the crypto industry.