Litecoin, the cryptocurrency known as ‘digital silver’, reached a milestone in July as it surpassed 170 million network transactions. The breakthrough comes amidst exponential growth in key metrics for the cryptocurrency.

170 million transactions

Over the last two months, Litecoin saw a strong surge in financial activity, registering well over 10 million new transactions. The surge suggests an exponential trend wherein the network is pushing beyond 1 million transaction every week, underlining its resilience, growth and general acceptance as a blue chip bearer asset.

One of Litecoin’s standout features is its spotless track record of 100% uptime since inception (12 years ago). Since Litecoin is fully decentralised, reliable and demonstrably robust, the resulting pristine history sets it apart from other networks such as Solana, which has been turned off countless times and is effectively a company (that was backed by fraudster and scammer Sam Bankman Fried).

In fact, Litecoin remains the only platform with the longest-standing uptime since its inception. Users of the network do not need to worry about whether their transactions will go through, or if developers will suddenly shut down or pause the network for whichever reason, because it is immutable. Being the digital silver to Bitcoin’s digital gold, Litecoin as a platform is tried, tested and true to the base-layer principles of decentralised cryptocurrency.

The Litecoin halving

Needless to say, excitement surrounding the asset is on the rise as users await the anticipated Litecoin halving event, which is just 4 days away. This event holds long-term significance for the proof-of-work (PoW) cryptocurrency, as it marks the third halving in Litecoin’s history. Following the event, a reduction in the supply of Litecoin follows programmatically, and with even a modest uptick in demand, prices tend to surge up and to the right.

As the event approaches, mining activity for Litecoin has continued its upward trajectory, increasing network security in the process. This week, Litecoin’s hashrate hit 850TH/s at block height 2,515,956. Hashing power increased eight times over since July 2021 as new miners join the most dominant PoW Scrypt network.

Beyond that, reports from IntoTheBlock, an on-chain analytics service, show that search patterns for Litecoin hit a yearly high in July. Analysts attribute the uptick in interest as part of the imminent halving event, which has captured the imagination and curiosity of vast swaths of investors and crypto enthusiasts alike.

With just 3,020 blocks left before the event, Litecoin miners are anticipating the reduced payout from 6.25 LTC to 3.125 LTC. The adjustment following the event is viewed as a positive development, ensuring a controlled supply and upwards pressure on prices.

All in all, Litecoin’s timely accomplishment in surpassing 170 million network transactions is part of a broader basket of growth metrics for  the cryptocurrency. Not only are users and investors flocking to the battle-hardened crypto, but positive technical tailwinds may serve to amplify adoption and usage as Litecoin crests the event horizon, from which there is no turning back.

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