Litecoin’s Hashrate Hit New Record High

Key Points:

• The hashrate of Litecoin [LTC] recently set a new all-time high, according to fresh information from the Litecoin Foundation.
• 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.
• 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 hashrate of Litecoin [LTC] recently set a new all-time high, according to fresh information from the Litecoin Foundation.

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.

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.

Litecoin healthy?

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.

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