Litecoin hashrate hits another ATH, but what about LTC’s price?

1 year ago 68
  • Litecoin’s hashrate reached a caller all-time high.
  • The web processed its 140 millionth transaction.
  • Metrics powerfully suggested a bullish vantage portion the method indicators were bearish.

Litecoin [LTC] has been successful the limelight for rather immoderate clip owed to its expanding hashrate. Recently, a large update was revealed by the Litecoin Foundation aft its hashrate reached a caller all-time precocious (ATH) of 763.63 Th/s. 

Today the Litecoin Global Hashrate deed different All Time High!

— Litecoin Foundation ⚡️ (@LTCFoundation) January 9, 2023

This hashrate ATH quality came amidst the hype of Litecoin’s adjacent halving, which is scheduled to hap this year. To beryllium precise, 205 days are near earlier the 4th Litecoin halving happens. After which, Litecoin’s artifact reward volition beryllium reduced from $12.5 to $6.25.

Read Litecoin’s [LTC] Price Prediction 2023-24

LTC is pumping!

Litecoin’s show connected the terms beforehand was besides promising, arsenic its terms registered double-digit maturation successful the past week. As per CoinMarketCap, LTC’s terms accrued by much than 16%, and astatine the clip of writing, it was trading astatine $82.16 with a marketplace capitalization of implicit $5.9 billion.

The Litecoin Foundation besides recently revealed that the web processed its 140 millionth transaction, which successful itself is an accomplishment arsenic it represents the reliability of the network.

Santiment’s information revealed that respective of the on-chain metrics were positive, which mightiness person played a large relation successful the caller terms pump.

For instance, LTC’s MVRV Ratio accrued considerably, which looked bullish. While LTC’s terms increased, its measurement besides went up, reducing the chances of an unprecedented diminution successful the coming days.

LTC’s societal measurement besides remained comparatively precocious implicit the past week, reflecting its popularity successful the crypto community. However, LTC’s velocity registered a decline, which mightiness halt LTC’s existent bull rally. 

Source: Santiment

How many LTCs tin you get for $1?

Hold on! Trouble astir the corner

The terms pump mightiness soon get over, which tin beryllium followed by a terms decline, arsenic a fewer of the marketplace indicators looked bearish connected the chart.

Consider this- the Relative Strength Index (RSI) was entering the overbought zone, which mightiness summation selling unit and, successful turn, trim LTC’s price.

The Chaikin Money Flow (CMF) besides registered a downtick. Nonetheless, the Exponential Moving Average (EMA) Ribbon revealed that the bulls inactive had an vantage successful the market.

Source: TradingView

Ser Suzuki Shillsalot has 8 years of acquisition moving arsenic a Senior Investigative writer astatine The SpamBot Times. He completed a two-hour people successful journalism from a fashionable YouTube video and was 1 of the fewer to springiness it a affirmative rating. Shillsalot's writings chiefly absorption connected shilling his favourite cryptos and trolling anyone who disagrees with him. P.S - There is simply a flimsy anticipation the illustration pic is AI-generated. You see, this relationship is chiefly utilized by our freelancer writers and they privation to stay anonymous. Wait, are they Satoshi? :/

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