- Litecoin’s hashrate reached a brand new all-time excessive.
- The community processed its 140 millionth transaction.
- Metrics strongly steered a bullish benefit whereas the technical indicators had been bearish.
Litecoin [LTC] has been within the limelight for fairly a while as a result of its growing hashrate. Just lately, a serious replace was revealed by the Litecoin Basis after its hashrate reached a brand new all-time excessive (ATH) of 763.63 Th/s.
Right now the Litecoin International Hashrate hit one other All Time Excessive! pic.twitter.com/XPr0b32Ahu
— Litecoin Basis ⚡️ (@LTCFoundation) January 9, 2023
This hashrate ATH information got here amidst the hype of Litecoin’s subsequent halving, which is scheduled to occur this 12 months. To be exact, 205 days are left earlier than the fourth Litecoin halving occurs. After which, Litecoin’s block reward will likely be decreased from $12.5 to $6.25.
Learn Litecoin’s [LTC] Value Prediction 2023-24
LTC is pumping!
Litecoin’s efficiency on the value entrance was additionally promising, as its value registered double-digit progress within the final week. As per CoinMarketCap, LTC’s value elevated by greater than 16%, and on the time of writing, it was buying and selling at $82.16 with a market capitalization of over $5.9 billion.
The Litecoin Basis additionally not too long ago revealed that the community processed its 140 millionth transaction, which in itself is an achievement because it represents the reliability of the community.
Santiment’s information revealed that a number of of the on-chain metrics had been constructive, which could have performed a serious position within the current value pump.
For example, LTC’s MVRV Ratio elevated significantly, which appeared bullish. Whereas LTC’s value elevated, its quantity additionally went up, lowering the possibilities of an unprecedented decline within the coming days.
LTC’s social quantity additionally remained comparatively excessive over the previous week, reflecting its recognition within the crypto group. Nevertheless, LTC’s velocity registered a decline, which could cease LTC’s present bull rally.
Supply: Santiment
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The value pump may quickly recover from, which may be adopted by a value decline, as a couple of of the market indicators appeared bearish on the chart.
Think about this- the Relative Power Index (RSI) was getting into the overbought zone, which could improve promoting stress and, in flip, scale back LTC’s value.
The Chaikin Cash Movement (CMF) additionally registered a downtick. Nonetheless, the Exponential Shifting Common (EMA) Ribbon revealed that the bulls nonetheless had a bonus available in the market.
Supply: TradingView