Litecoin Hashrate Faucets New All-Time Excessive, Will LTC Worth Observe Swimsuit?


The Litecoin hashrate has been going up steadily over the past 12 months. This was primarily pushed by the anticipation main as much as the Litecoin halving that was slated to happen in August. Now that the halving occasion has come and gone, the hashrate has risen to a brand new all-time excessive, however the query is, whether or not the value of LTC will observe go well with.

Litecoin Hashrate Faucets New ATH Of 1.03 PH/s

The regular rise within the Litecoin hashrate is a testomony to the rising curiosity within the community. The hashrate factors to the truth that there are extra miners on the blockchain making an attempt to guess the proper solutions to every block. And this interprets to higher safety total for the Litecoin community.

Curiously, this improve in hashrate has seen the community hit not solely a brand new all-time excessive however a big milestone. In accordance with knowledge from CoinWarz, the Litecoin hashrate rose as excessive as 1.03 pentahashes per second (PH/s) on August 4.

Which means for the primary time, LTC’s hashrate has left the terahashes per second (TH/s) territory and crossed into the pentahashes per second (PH/s) territory. Though it’s nonetheless a great distance from Bitcoin’s exahashes per second (EH/s), it’s a testomony to how a lot the Litecoin community has grown.

The Litecoin hashrate has since retraced again into the TH/s territory, now sitting at 739.88 TH/s as of Monday, August 7. However a glance over the past 12 months’s hashrate chart exhibits that even it is a excessive stage for the blockchain’s hashrate.

LTC hashrate stays excessive in comparison with 2022 | Supply: CoinWarz

Will LTC’s Worth Observe The Hashrate?

For the reason that Litecoin hashrate hit its new all-time excessive, the value of LTC has been extra unstable than regular. This isn’t out of the extraordinary although because the altcoin has been following the overall market development and LTC’s is a testomony to that development.

To this point although, it doesn’t seem to be LTC has made any effort to interrupt out of this development. If something, it has suffered extra declines than recoveries, even dipping to as little as $$80.65 on August 4. This decline exhibits that the brand new hashrate ATH has not moved traders to speculate extra within the coin.

For now, one thing that might result in an uptrend for Litecoin’s value is that if Bitcoin begins one other rally and the crypto market begins to see improved sentiment. In any other case, LTC will doubtless proceed to toe the $82 line for the higher a part of the week.

On the time of writing, LTC value is buying and selling at $82.80, down 0.47% in the last day and 11.67% in the last week.

Litecoin (LTC) price chart from Tradingview.com

LTC value trending at $82.42 | Supply: LTCUSD on Tradingview.com
Follow Best Owie on Twitter for market insights, updates, and the occasional humorous tweet… Featured picture from iStock, chart from TradingView.com





Source link