Litecoin’s Hashrate Hit New Record High
The tweet claims that on February 15, 2023, at block 2,423,170, LTC’s hashrate surpassed 886 TH/s. This elevation signaled the entry of fresh miners into the network. BTC’s mining difficulty increased as a result of the higher hashrate; as of the time of publication, it was 24.4 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
The weekly price action of LTC, which reported over 7% growth in the last seven days, can be blamed for the unexpected rise in miners.
Yet, Santiment’s graphic showed that although the hashrate rose last week, the number of daily active addresses on LTC actually decreased. This signal was unfavorable because it indicated fewer network users.
In addition, the majority of the indicators, with the exception of active addresses, were in LTC’s favor and showed that the network was functioning properly.
For instance, a favorable development for LTC was the recent sharp increase in MVRV Ratio. When LTC’s Binance financing rate increased, demand from the futures market also remained continuously strong.
The same held true for LTC’s social volume, which demonstrated the currency’s acceptance in the cryptocurrency market. Incidentally, the Litecoin Foundation announced that the network has just completed processing its 144 millionth transaction, marking yet another victory for LTC. But, when it decreased during the past week, LTC’s velocity appeared worrying.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.