Over the past year, the Litecoin hashrate has been consistently increasing. This was largely due to the excitement surrounding the Litecoin halving event, which occurred in August. Despite the halving's passing, the hashrate has reached a new all-time high. However, it remains to be seen whether the price of LTC will follow suit.
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Litecoin hashrate hits new high, will price follow? Hashrate Taps New ATH Of 1.03 PH/s
The increasing Litecoin hashrate indicates a growing interest in the network and more miners participating in the blockchain's mining process. This results in improved security for the overall Litecoin network. Recently, the hashrate rose to 1.03 pentahashes per second (PH/s) on August 4, which is a significant milestone for the network. While still far from Bitcoin's exahashes per second (EH/s), this achievement showcases the growth of the Litecoin network. The current hashrate has retraced to 739.88 TH/s as of August 7, which is still a high level compared to the previous year. Litecoin hashrate hits new high, will price follow?
Will LTC’s Price Follow The Hashrate?
The recent surge in Litecoin's hashrate has resulted in a higher degree of volatility for the cryptocurrency's price. This behavior is not unusual, as Litecoin has been following the overall market trend. However, it appears that Litecoin has yet to make any significant effort to diverge from this trend, and has instead experienced more declines than recoveries. In fact, it even dipped as low as $80.65 on August 4th, indicating that the new hashrate ATH has not yet prompted investors to increase their investment in the coin.
At present, the most likely catalyst for an uptick in Litecoin's price would be another rally by Bitcoin, which could lead to an overall improvement in market sentiment. Absent this, it is probable that Litecoin will continue to hover around the $82 mark for the near future. As of writing, LTC is trading at $82.80, down 0.47% over the past 24 hours and 11.67% over the past week.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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