Litecoin’s Hashrate Reaches All-Time High, Price Follows Suit

29. Juni 2023 Aus Von admin

• The Litecoin Foundation revealed that the blockchain’s hashrate has reached a new all-time high of 957.22 TH/s.
• LTC price registered a decline, and a few on-chain metrics were bearish.
• The increasing hashrate indicates more miners are entering the LTC mining space, however, miner fees have also increased.

Litecoin Mining Reaches All-Time High

The Litecoin Foundation recently reported that the blockchain’s hashrate had reached an all-time high of 957.22 TH/s – indicating more miners are entering the LTC mining space. Despite this, miner fees have also increased alongside the hashrate.

Price Drop and Bearish Metrics

Following a week of 6% gains in its price, LTC dropped by 1% in 24 hours at press time with a market cap of over $6.2 billion. This had an impact on other metrics too, with its one-week price volatility plummeting and volume declining which decreased chances of an uptrend. Additionally, its velocity was also seen to be decreasing which meant it was being used less frequently within set timeframes.

Supportive Indicators

The distance between the 20-day Exponential Moving Average (EMA) and 55-day EMA was seen to be decreasing which increased chances of a bullish crossover in the near future. However, caution is advised as these indicators can change quickly based on market situations and trends.

Impact on Mining Industry

With prices dropping and bearish metrics looming above, there is potential for things to turn sour for Litecoin miners who may choose to exit as profits reduce from lower prices. On top of this, if miners decide to leave en masse then this could lead to further reductions in hashrate which would negatively affect network security overall – so it’s important for investors and miners alike to remain mindful during times such as these where uncertainty in the markets can lead to large fluctuations in prices and performance .

Conclusion

Though Litecoin’s hashrate has been steadily climbing, it’s clear that not everything is going according to plan as bearish metrics indicate that prices are dropping while miner fees continue to rise alongside them – making it difficult for miners looking for profits from their mining activities without taking too much risk doing so . Investors should stay wary during times like these when there’s uncertainty around market trends , while continuing to monitor key indicators like EMA crossovers so as not miss out any big opportunities when they arise