Litecoin’s hashrate reached new all-time high, here’s how LTC reacted

• Litecoin’s hashrate reached a new all-time high on 15 February 2023.
• Active addresses declined but other metrics were positive. 

The Litecoin Foundation recently revealed that Litecoin’s [LTC] reached another milestone as its hashrate touched a new all-time high.

As per the tweet, LTC’s hashrate exceeded 886 TH/s on 15 February 2023 at block 2,423,170. This increase indicated an influx of new miners into the network. Thanks to the increased hashrate, BTC’s mining difficulty also increased, and at press time it was 24.4 million. 

This sudden increase in the number of miners can be attributed to LTC’s weekly price action, as it registered over 7% growth in the last seven days.

However, Santiment’s chart revealed that while the hashrate increased, the daily active addresses on LTC registered a decline last week. This was a negative signal as it represented a lower number of users on the network. 

Realistic or not, here’s LTC market cap in BTC’s terms

Is Litecoin healthy?

Furthermore, apart from active addresses, most of the metrics were in LTC’s favor and indicated that the network was doing well.

For instance, LTC’s MVRV Ratio spiked considerably in the last few days, which was a development in LTC’s favor. Demand from the derivatives market also remained consistently high as LTC’s Binance funding rate went up.

The same remained true for LTC’s social volume, which reflected its popularity in the crypto market. Interestingly, yet another achievement for LTC was revealed by the Litecoin Foundation- the network processed its 144 millionth transaction. However, LTC’s velocity looked concerning as it went down over the last week.

Source: Santiment

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Litecoin outperforms other cryptos?

Though most of the on-chain metrics and network updates were in LTC’s favor, the alt still failed to register gains in the last 24 hours.

Incidentally, this was positive news for Litecoin, as most of the other cryptos’ prices plummeted considerably. According to CoinMarketCap, LTC’s price declined by 1.4% during the last day, and at the time of writing, it was trading at $99.59 with a market capitalization of more than $7.19 billion. 

LTC’s daily chart gave a better understanding of what went in alt’s

LTC’s Exponential Moving Average (EMA) Ribbon suggested a strong bullish advantage in the market.

Moreover, as per the Bollinger Bands, LTC’s price was in a relatively less volatile zone, helping it sustain its price. However, the future can be troublesome, as LTC’s Chaikin Money Flow (CMF) registered a downtick. 

Source: TradingView