Litecoin Hashrate At New All-Time High, Good Sign For Price?

Data shows the Litecoin mining hashrate has hit a new all-time high, can this signal be positive for the price of the crypto? Litecoin Mining Hashrate Sets New All-Time High At 683.

Timeline of Litecoin

Shiba Inu (CRYPTO: SHIB) surpassed Litecoin (CRYPTO: LTC) to become the thirteenth largest cryptocurrency by market capitalization early on Wednesday. What Happened: At the time of writing, SHIB's market cap stood at $6.9 billion, while Litecoin's market cap was at $6.3 billion.

The latest Litecoin price analysis is strongly bullish as it shows the cryptocurrency price function is headed upward for today. The price of LTC/USD is going up as it has now touched $87.20.

The Litecoin (LTC) price trend can be considered bullish if the price does not break down below $79. The post Litecoin (LTC) Price Starts to Run out of Steam appeared first on BeInCrypto.

The Litecoin (LTC) price hovered below the $80 resistance level for over a month before breaking through it. The cryptocurrency's value rose even further today, reaching a high of $91 before retreating.

David Burkett, MWEB developer, posted new updates related to the Litecoin [LTC] network. Burkett mentioned that he continued working on PSBT, and quickly discovered some limitations in the initial design.

Litecoin [LTC] has performed impressively on the price charts in recent weeks. The breakout past the range highs in late November was significant, as this range has been in play since May.

There are heavy expectations regarding Litecoin [LTC] this year, especially with the upcoming 2023 halving. It appears that the market has already been preparing for a robust 2023, something which was evident in LTC's price action and hash rate.

While the Bitcoin halving is not expected until March 13, 2024, according to Coinwarz data, Litecoin investors can already look forward to the traditionally bullish event as soon as this year. According to NiceHash's estimate, the Litecoin halving will take place in 189 days, on July 19, 2023.

A closely followed crypto strategist is predicting a massive Litecoin (LTC) rally this year in anticipation of its halving event slated for August. Pseudonymous analyst Rekt Capital tells his 331,800 Twitter followers that Litecoin has a tendency to erupt prior to its halving based on historical price action.

Litecoin [LTC] has been in the limelight for quite some time due to its increasing hashrate. Recently, a major update was revealed by the Litecoin Foundation after its hashrate reached a new all-time high (ATH) of 763.63 Th/s.