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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Litecoin Continues To Surge As Hash Rate Records New ATH – How About LTC Price?

Christian Encila
Christian Encila
2 years ago
3 mins read
Litecoin

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Litecoin (LTC) was among the few bright spots for the crypto market which had to endure the negative effects of the collapse of the FTX exchange platform.

In the midst of one of the worst implosions that the space has ever witnessed, LTC momentarily became vulnerable, plummeting all the way down to $49.58.

But the cryptocurrency stood its ground, though, while the likes of Bitcoin and Ethereum were sent crashing to various monthly lows and eventually commenced its own rally to close November on a high note.

As a result, Litecoin exited last month with an index price of $76.52 and registered an impressive jump of 24% within a 30-day period.

The altcoin is also performing well during the first days of December. At the time of this writing, according to tracking from Coingecko, the digital coin is changing hands at $83.11, with an uptick of 10.8% in the last seven days.

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Litecoin Has A Healthy Blockchain But Holders Failed To Make Profit

Aside from the sustained surge in trading price, LTC is also witnessing positive developments in other areas.

For instance, according to data shared by CoinWarz, the asset’s mining hash rate has once again hit another all-time high, peaking at 613.81 TH/s.

Within four months, the Litecoin blockchain has recovered from the decline it experienced back in July, rallying by 64%.

Litecoin

Image: Cryptotelegram

Moreover, as of December 3, the DeFi network has established its highest difficulty level since going online, recording a block height of 2,379,925. The average difficulty of Litecoin blockchain translates to a value of 19.52 million according to Messari. 

Meanwhile, profitability was one gray area for the altcoin, as most of its holders were unable to make profit from their investment during the previous month.

As of November 30, LTC had a 30-day moving average of -149,000 for its Network Realized Profit/Loss (NPL). In addition, during the same time, Litecoin had a -28% Market Value to Realized Value (MVRV) ratio.

This indicated that despite the crypto experiencing price growth, in November, some of its investors still held at a loss.

Price Decline Could Happen For LTC Within Next Few Days

Although LTC managed to block the effects of the crypto market meltdown that was triggered by the FTX implosion, there is a possibility that the asset may experience price correction soon.

According to the forecast of online cryptocurrency information provider Coincodex, this could happen within the next five days with LTC losing almost 8% of its value to change hands at $76.33.

Moreover, 30 days from now, the crypto is expected to recover a bit and trade at $80.75, although this value is also lower than the current one it has. 

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LTC total market cap at $5.9 billion on the daily chart | Featured image: InsuranceHub, Chart: TradingView.com
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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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