Litecoin (LTC) is a Scrypt-based digital asset, benefiting from ASIC machines coming on board. Since the new machines came on board, the hashrate of Litecoin (LTC) has grown more than twofold in three months. This makes Litecoin one of the safest digital assets.
The high hashrate causes the price of a 51 percent attack based on hired mining power to be around $68,000. However, this price is a bit lower than the price to attack Bitcoin Cash (BCH), which is set at $72,000 for an hour of hiring the required mining power.
At least for now, the Litecoin hashrate is higher than that of Ethereum. We don’t really know where the ETH hashrate would go as the new ASIC miners are becoming widely available.
Given the expectations of the hackers to try to double-spend valuable crypto assets, this information is very important. Hackers plan to do so by attacking the network directly. Charlie Lee, the coin’s founder, hurried to defend the coin’s network as robust and having diversified mining pools. It makes the network less in danger of attacks.
One of the reasons for miners to stick to Litecoin is the still relatively high reward of 25 coins per block. Which would halve in a little over a year? Another reason is the price market which is quite stable, and the opportunity to get profits by selling LTC for fiat.
The last few shakedowns on the markets did not really shake LTC, as it remained around the $120 levels. LTC added another 4 percent overnight for a more modest recovery, to $121.82. LTC prices have almost been fiat against Bitcoin.
According to Weiss Ratings, LTC has received a general grade of C+. the grade came about from a B-rating for technology and adoption, and a C+ rating for the coin’s risk and reward profile.
LTC was first considered as a “dying coin”, but since then, a mix of increasing mining, as well as technological development and community efforts, have made the coin much more fruitful.