Litecoin Sparkles With New All-Time High In Hashrate – Will It Boost LTC Price?

Christian Encila

2 years ago

3 mins read

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Litecoin (LTC) has peaked to a new all-time high. Litecoin, with over 950,000 followers, happily announced via Twitter that Litecoin’s hashrate surpassed 887 TH/s on February 15, 2023, spotted at block 2,423,170.

Here’s a quick look at how Litecoin has been performing lately:

LTC price currently trades at $99.54
Litecoin is up in terms of social volume
LTC hashrate surpassed 887 TH/s on February 15, 2023

The sudden surge on hashrate implies an increase in the number of new miners which also positively impacted the mining difficulty of Bitcoin which is currently at 24.6 million.

Litecoin’s Hashrate climbs to hit a new All Time High of 886.17 TH/s!! A direct illustration of the steady, healthy, & maturing growth of the $LTC network and Litecoin’s network security! #Litecoin⚡ pic.twitter.com/OxEmC7IilI

— Litecoin Foundation ⚡️ (@LTCFoundation) February 16, 2023

A blockchain’s hashrate indicates the processing power being spent into maintaining network security and completing transactions. It is the rate at which a mining rig or network can complete cryptographic calculations.

LTC Hashrate Up – Healthy Metrics For The Network?

Litecoin thanked Dogecoin for the good news as the networks are mining together in the pursuit to strengthen their security. The increase in LTC’s number of miners is primarily due to the impressive price action registered by LTC that has ramped up to as much as 8% growth as seen in the past week.

On the other hand, even if the hashrate has stepped up, it went the opposite direction for the daily active addresses as it was seen to nosedive in the past couple of days.

Image: Capital Research

In general, Litecoin appears to be thriving and robust, with most indicators showing positive trends. To start, the derivatives market has seen increased demand, which has been a trend for some time.

However, according to CoinMarketCap, LTC price is down by 1.53% or trading at $99.54 as of this writing. LTC’s EMA also showed off its bullish demeanor while the RSI is sitting on top of the neutral range.

DonAlt Says LTC Could Outperform ETH

A crypto analyst who bought Bitcoin (BTC) around its lowest point last year is expressing bullish sentiment on a top-20 altcoin by market cap.

DonAlt, a pseudonymous crypto expert and trader, announced to his 47,500 subscribers on YouTube how happy he is with the performance of Litecoin.

“[Litecoin/US dollar on the weekly timeframe] just looks good now. I don’t really care if it underperforms or outperforms Bitcoin whatever. This is just a magnificent chart,” says DonAlt.

Crypto total market cap at $1 trillion on the daily chart | Chart: TradingView.com

The crypto trader even predicts that LTC has the propensity to outperform ETH in the short term. Further, DonAlt states that if LTC was able to close above $100, then it could reach $220.

-Featured image from San Antonio Express-News

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.

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.

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.