The Charlie Lee-founded Litecoin [LTC] has been on the fast track with multiple updates and developments being announced by the organization. The recent bullish behavior of the market further helped Litecoin’s cause by boosting its price, market cap and position on the cryptocurrency charts.
An analysis conveyed that Litecoin’s hash rate had reached its all-time high. The last time LTC’s hash rate broke its record was on April 4, 2019, when the rate hit 359.44 TH/s. During the earlier peak, the company had claimed that the network’s hash rate followed the pattern set by its price movement, as it takes considerable time to “setup and acquire new machines”. An article by Litecoin.com had stated:
“However, it can react quicker to a downturn in price as it’s just a matter of switching them off once they become unprofitable.”
The latest hash rate record stands at 379.87 TH/s, a 20 TH/s jump from the earlier peak. The analysis of the hash rate further tells us that the cryptocurrency’s rate had dipped to a low towards the end of 2018 and only picked up traction during the second week of January 2019. Once the hash rate picked up, the climb was steady and in quick succession, forming an acute slope on the charts.
Litecoin’s hash rate was not the only attribute that peaked recently with the coin’s mining difficulty also following suit. The patterns were similar to the growth of the hash rate, as the mining difficulty picked up pace at the turn of the year to settle at the current all-time record of 12.761 M.
Fans and proponents of the cryptocurrency had another reason to rejoice recently when Litecoin overtook Bitcoin Cash on the charts to become the fourth largest coin in the market. At press time, LTC was trading for $115.91 with a total market cap of $7.2 billion. The cryptocurrency had joined its compatriots in a downturn, sliding by 1.7 percent in the 1-hour spectrum and was holding a 24-hour market volume of $5.04 billion.
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