Litecoin’s [LTC] hash rate touches all time high, but is a relief rally in sight

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  • Litecoin’s hash rate marked an all-time high
  • Break­ing cor­re­la­tion with the rest of the mar­ket, LTC ral­lied amid mar­ket downturn

At 613.81 TH/s, Litecoin’s [LTC] hash rate recent­ly clinched a new all-time high, data from Coin­Warz revealed. Fol­low­ing its last sig­nif­i­cant dip in July, Litecoin’s hash rate ral­lied by 64% with­in four months. 


Read Litecoin’s [LTC] price pre­dic­tion 2023–2024


Fur­ther, as of 3 Decem­ber, the network’s aver­age dif­fi­cul­ty was at its high­est lev­el since launch, with a block height of 2,379,925. Accord­ing to data from Mes­sari, this stood at 19.42 million.

Source: Mes­sari

Litecoin has a mind of its own

Though the cryp­to mar­ket suf­fered a sharp decline since the col­lapse of FTX, LTC’s price pulled a diver­gence and reg­is­tered gains dur­ing one of the most sig­nif­i­cant mar­ket down­turns expe­ri­enced so far this year.

Accord­ing to data from Coin­Mar­ket­Cap, in the thick of the FTX deba­cle, LTC’s price fell momen­tar­i­ly to $49.58 before rebound­ing to com­mence a ral­ly. As a result, LTC closed the trad­ing month at an index price of $76.52, rais­ing its price by 24% with­in the 30-day period. 

Source: Coin­Mar­ket­Cap

Inter­est­ing­ly, despite brav­ing the odds to post a price ral­ly, most LTC hold­ers failed to see prof­its on their invest­ments, as LTC’s Net­work Real­ized Profit/Loss (NPL) on a 30-day mov­ing aver­age was ‑149,000 as of 30 November. 

This was fur­ther con­firmed by the sta­tus of the asset’s Mar­ket Val­ue to Real­ized Val­ue (MVRV) ratio with­in the same peri­od. Accord­ing to data from San­ti­ment, LTC’s MVRV on a 30-day mov­ing aver­age in Novem­ber was ‑28.00%, indi­cat­ing that investors held at a loss despite the asset’s price growth.

Source: San­ti­ment

Fur­ther, LTC was trailed by neg­a­tive sen­ti­ment for most of the 30-day peri­od despite the steady price ral­ly. Per data from San­ti­ment, LTC only enjoyed sig­nif­i­cant pos­i­tive sen­ti­ment from investors dur­ing 21 – 23 Novem­ber. Sen­ti­ment remained neg­a­tive at press time, as LTC’s weight­ed sen­ti­ment was ‑0.33.

Source: San­ti­ment

Fees on the network 

Even with a con­sis­tent surge in hash rate, fees paid to the min­ers on the Lite­coin net­work fell con­sid­er­ably since 27 Sep­tem­ber. With 13.33 LTC at press time, min­ers’ fees have declined by 31%, data from Glassnode revealed.

Source: Glassnode

Fur­ther­more, the aver­age fees paid per trans­ac­tion on Lite­coin wit­nessed a con­sis­tent fall since the year began. This is because of the bear­ish nature of the trad­ing year so far. Per data from Mes­sari, the aver­age trans­ac­tions fee on Lite­coin has declined by 100% since January. 

Source: Mes­sari

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