Litecoin Sparkles With New All-Time High In Hashrate – Will It Boost LTC Price?
Litecoin (LTC) hit a new all-time high. Litecoin, with over 950,000 followers, happily announced via Twitter that Litecoin hashrate exceeded 887 TH/s on February 15, 2023, locking in block 2,423,170.
Here is a quick overview of how Litecoin has been working lately:
- The price of LTC is currently trading at $99.54.
- Litecoin has risen in terms of social volume
- LTC hashrate exceeded 887 TH/s on February 15, 2023.
The sudden surge in hashrate implies an increase in the number of new miners, which has also had a positive impact on Bitcoin mining difficulty, which currently stands at 24.6 million.
Litecoin hashrate reached a new all-time high of 886.17 TH/s!! Direct illustration of sustainable, healthy and mature growth $LTC network and network security Litecoin! #litecoin⚡ pic.twitter.com/OxEmC7IilI
— Litecoin Foundation ⚡️ (@LTCFoundation) February 16, 2023
The blockchain hashrate indicates the processing power expended in maintaining the security of the network and executing transactions. This is the rate at which a mining rig or network can perform cryptographic calculations.
Is increasing LTC hash rate healthy for the network?
Litecoin thanked Dogecoin for the good news as the networks are mining together in an effort to strengthen their security. The increase in the number of LTC miners is primarily due to the impressive price action registered by LTC, which increased to the 8% increase seen last week.
On the other hand, even if the hashrate has increased, it has gone in the opposite direction for daily active addresses as it has dropped dramatically over the past couple of days.
Image: Capital Research
Overall, Litecoin looks to be prosperous and resilient, with most of the indicators showing positive momentum. To begin with, there is an increased demand in the derivatives market, which has been a trend for some time now.
However, according to CoinMarketCap, at the time of this writing, the price of LTC has decreased by 1.53% or is trading at $99.54. The LTC EMA is also bullish, while the RSI is at the top of the neutral range.
DonAlt says LTC could outperform ETH
A crypto analyst who bought bitcoin (BTC) near its lowest point last year expresses bullish sentiment for the top 20 altcoins by market cap.
DonAlt, A pseudonymous crypto expert and trader announced to his 47,500 YouTube subscribers how happy he is with Litecoin.
“[Litecoin/US dollar on the weekly timeframe] it just looks good now. I don’t really care if it’s inferior or superior to bitcoin. It’s just a great chart,” says DonAlt.
Crypto total market cap at $1 trillion on the daily chart | Chart: TradingView.com
The crypto trader even predicts that LTC could outperform ETH in the short term. Additionally, DonAlt states that if LTC can close above $100, then it could reach $220.
-Selected image from San Antonio Express-News
Credit : www.newsbtc.com