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Litecoin
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Litecoin Hashrate Taps New All-Time High, Will LTC Price Follow Suit?

Best Owie by Best Owie
2 months ago
in Litecoin
Reading Time: 3 mins read

The Litecoin hashrate has been going up steadily over the last year. This was mainly driven by the anticipation leading up to the Litecoin halving that was slated to take place in August. Now that the halving event has come and gone, the hashrate has risen to a new all-time high, but the question is, whether the price of LTC will follow suit.

Litecoin Hashrate Taps New ATH Of 1.03 PH/s

The steady rise in the Litecoin hashrate is a testament to the growing interest in the network. The hashrate points to the fact that there are more miners on the blockchain trying to guess the correct answers to each block. And this translates to better security overall for the Litecoin network.

Related Reading: Ethereum Price Could Break Above $2,000 If This Happens

Interestingly, this increase in hashrate has seen the network hit not only a new all-time high but a significant milestone. According to data from CoinWarz, the Litecoin hashrate rose as high as 1.03 pentahashes per second (PH/s) on August 4.

This means that for the first time, LTC’s hashrate has left the terahashes per second (TH/s) territory and crossed into the pentahashes per second (PH/s) territory. Although it is still a long way from Bitcoin’s exahashes per second (EH/s), it is a testament to how much the Litecoin network has grown.

The Litecoin hashrate has since retraced back into the TH/s territory, now sitting at 739.88 TH/s as of Monday, August 7. But a look over the last year’s hashrate chart shows that even this is a high level for the blockchain’s hashrate.

Litecoin hashrate

LTC hashrate remains high compared to 2022 | Source: CoinWarz

Will LTC’s Price Follow The Hashrate?

Since the Litecoin hashrate hit its new all-time high, the price of LTC has been more volatile than normal. This is not out of the ordinary though as the altcoin has been following the general market trend and LTC’s is a testament to that trend.

So far though, it doesn’t seem like LTC has made any effort to break out of this trend. If anything, it has suffered more declines than recoveries, even dipping to as low as $$80.65 on August 4. This decline shows that the new hashrate ATH has not moved investors to invest more in the coin.

Related Reading: Bitcoin Investor Sentiment Flips Toward Greed Despite Fall Below $29,000

For now, something that could lead to an uptrend for Litecoin’s price is if Bitcoin begins another rally and the crypto market starts to see improved sentiment. Otherwise, LTC will likely continue to toe the $82 line for the better part of the week.

At the time of writing, LTC price is trading 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 price trending at $82.42 | Source: LTCUSD on Tradingview.com
Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from iStock, chart from TradingView.com
Tags: LitecoinLitecoin HalvingLitecoin hashrateLitecoin miningltcltc/usdLTCUSDT
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Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors. Best is a true professional in every sense of the word with an exceptional dedication to producing high-quality work.

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