Litecoin Hash Rate Steady Despite Dismal Price Action: Will This Change?

2023-8-10 06:00

One week after the highly anticipated Litecoin halving event on August 2, on-chain data reveals that the network’s hash rate, a key measure of computing power channeled to the network, is steady but erratic.

As of August 9, trackers indicate that the Litecoin network’s hash rate is hovering around 760 TH/s, a notable decrease from the all-time peak of 816 TH/s recorded in late July 2023.

Litecoin Prices Steady But Lower, Rally Incoming?

Litecoin prices, on the other hand, are firm but down in the previous week of trading. CoinMarketCap data on August 9 shows that LTC is changing hands at $83, down 5% over the past week. What’s clear is that prices are moving tightly inside a consolidation range.

Despite this dip, LTC is relatively resilient, up 17% from June 2023 lows. However, from a top-down preview, the coin is down 26% from the 2023 highs. In the medium term, LTC remains bullish since bears have failed to unwind gains posted from mid-June to mid-July 2023. Whether bulls will maintain control after halving, however, is also unclear.

If past performance guides, there is a glimmer of hope for bulls. The previous Litecoin halving in August 2019 was several months before LTC ripped to $400 in 2021. Even so, before this spike, LTC prices nearly halved from $66 to $35 in December 2019.

Unlike previous halvings, the crypto space has matured, and regulatory clarity has improved, particularly concerning Bitcoin—the foundational protocol from which Litecoin emerged. For instance, while most US regulators consider Bitcoin a commodity, the Securities and Exchange Commission (SEC) is cautious toward other altcoins.

Tracking On-Chain Metrics To Gauge Interest

Considering the above challenges and regulatory uncertainty, the interconnection between hash rate and spot prices is actively monitored. Litecoin relies on decentralized miners for security and transaction confirmation. 

The network’s security is evaluated via the hash rate metric, which risks crashing since miners must allocate more resources after the network halved rewards to 6.25 LTC. A potential price decline could trigger a corresponding reduction in hash rate, forcing the network to adjust the difficulty. 

How this evolves remains to be seen, and the network remains stable at spot rates. Besides the hash rate near all-time highs, the network’s activity seems unaffected. According to IntoTheBlock data, the network’s average growth is steady despite sentiment on LTC being generally negative.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Giga Hash (GHS) на Currencies.ru

$ 0.0023182 (+0.32%)
Объем 24H $112
Изменеия 24h: 1.85 %, 7d: -6.50 %
Cегодня L: $0.0023182 - H: $0.0023182
Капитализация $298.854k Rank 99999
Доступно / Всего 128.916m GHS

litecoin network steady hash rate key reveals

litecoin network → Результатов: 126


A More Seamless, Cheaper, and More Secure Transaction On The Litecoin Network Is Underway – Charlie Lee

Litecoin founder Charlie Lee has promised the cryptocurrency community a more seamless, cheaper and more secure transfer and transaction on its network as revealed through a twitter post. The innovation will be achieved through the use of lightning network and atomic swap to make Litecoin more useful for a transaction.

2018-8-15 00:09


Чарли Ли: Litecoin может дополнить Lightning Network биткоина

Создатель Litecoin (LTC) Чарли Ли уверен, что его криптовалюта станет отличным дополнением Lightning Network, а сама технология может вскоре стать децентрализованной биржей. Litecoin will also be the easiest onramp onto the Lightning Network.

2018-7-13 08:44


Чарли Ли: Litecoin может стать ключевым элементом в сети Bitcoin Lightning Network

Основатель Litecoin (LTC) Чарли Ли не скрывает своего энтузиазма по поводу сети Lightning Network и роли Litecoin в ней, сообщает Cryptovest. Недавно он написал в твиттере, что узлы Litecoin могут быть подходящим дополнением, а Lightning Network (LN) может перерасти в децентрализованную биржу: Litecoin will also be the easiest onramp onto the Lightning Network.

2018-7-13 18:19


Western Union files new patent with reference to Bitcoin [BTC] and Litecoin [LTC]

On 5th July, Western Union Company, an American Financial Services and Communication company filed a new patent with the US Patent and Trademark Office. The patent aims at ‘receiving and handling secure transfers’ in the electronic transfer network space which includes the transfer of cryptocurrency or digital currency from one device to another from different […]

2018-7-7 22:59