The Litecoin hashrate has been going up steadily over the past yr. This was primarily pushed by the anticipation main as much as the Litecoin halving that was slated to happen in August. Now that the halving occasion has come and gone, the hashrate has risen to a brand new all-time excessive, however the query is, whether or not the worth of LTC will comply with swimsuit.
Litecoin Hashrate Faucets New ATH Of 1.03 PH/s
The regular rise within the Litecoin hashrate is a testomony to the rising curiosity within the community. The hashrate factors to the truth that there are extra miners on the blockchain attempting to guess the right solutions to every block. And this interprets to raised safety total for the Litecoin community.
Curiously, this improve in hashrate has seen the community hit not solely a brand new all-time excessive however a big milestone. In line with information from CoinWarz, the Litecoin hashrate rose as excessive as 1.03 pentahashes per second (PH/s) on August 4.
Which means that for the primary time, LTC’s hashrate has left the terahashes per second (TH/s) territory and crossed into the pentahashes per second (PH/s) territory. Though it’s nonetheless a great distance from Bitcoin’s exahashes per second (EH/s), it’s a testomony to how a lot the Litecoin community has grown.
The Litecoin hashrate has since retraced again into the TH/s territory, now sitting at 739.88 TH/s as of Monday, August 7. However a glance over the past yr’s hashrate chart reveals that even this can be a excessive stage for the blockchain’s hashrate.
LTC hashrate stays excessive in comparison with 2022 | Supply: CoinWarz
Will LTC’s Value Observe The Hashrate?
Because the Litecoin hashrate hit its new all-time excessive, the worth of LTC has been extra unstable than regular. This isn’t out of the unusual although because the altcoin has been following the final market development and LTC’s is a testomony to that development.
Thus far although, it doesn’t appear to be LTC has made any effort to interrupt out of this development. If something, it has suffered extra declines than recoveries, even dipping to as little as $$80.65 on August 4. This decline reveals that the brand new hashrate ATH has not moved buyers to take a position extra within the coin.
For now, one thing that would result in an uptrend for Litecoin’s value is that if Bitcoin begins one other rally and the crypto market begins to see improved sentiment. In any other case, LTC will seemingly proceed to toe the $82 line for the higher a part of the week.
On the time of writing, LTC value is buying and selling at $82.80, down 0.47% in the last day and 11.67% in the last week.
LTC value trending at $82.42 | Supply: LTCUSD on Tradingview.com