Litecoin’s hashrate reached new all-time high, here’s how LTC reacted

city Santiment BLOCK Binance litecoin Action LTC Hashrate

18.02.2023 - 05:53

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ambcrypto.com:

The Litecoin Foundation recently revealed that Litecoin’s [LTC] reached another milestone as its hashrate touched a new all-time high.

As per the tweet, LTC’s hashrate exceeded 886 TH/s on 15 February 2023 at block 2,423,170. This increase indicated an influx of new miners into the network. Thanks to the increased hashrate, BTC’s mining difficulty also increased, and at press time it was 24.4 million.

<p lang=«en» dir=«ltr» xml:lang=«en»>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

This sudden increase in the number of miners can be attributed to LTC’s weekly price action, as it registered over 7% growth in the last seven days.

However, Santiment’s chart revealed that while the hashrate increased, the daily active addresses on LTC registered a decline last week. This was a negative signal as it represented a lower number of users on the network.

Realistic or not, here’s LTC market cap in BTC’s terms

Furthermore, apart from active addresses, most of the metrics were in LTC ’s favor and indicated that the network was doing well.

For instance, LTC’s MVRV Ratio spiked considerably in the last few days, which was a development in LTC’s favor. Demand from the derivatives market also remained consistently high as LTC’s Binance funding rate went up.

The same remained true for LTC’s social volume, which reflected its popularity in the crypto market. Interestingly, yet another achievement for LTC was revealed by the Litecoin Foundation- the network processed its 144 millionth transaction.