Litecoin Climbs to New All-Time High: Hashrate Hits 770 TH/s
• Litecoin Foundation revealed that the blockchain’s hashrate has reached a new all-time high.
• The hashrate is steadily increasing, indicating a healthy and maturing growth of the LTC network.
• However, a recent price correction and bearish on-chain metrics suggest that miners might soon exit the space.
Litecoin Hashrate Hits New All-Time High
The Litecoin Foundation recently announced that the blockchain’s hashrate has reached an all-time high of 957.22 TH/s. This indicates steady and healthy growth of the LTC network, as more miners enter the mining space in pursuit of profits from its increased market cap.
Bearish On-Chain Metrics Suggest Uptrend May Stall
Despite this positive development, recent price corrections and bearish on-chain metrics have led to speculation that miners may soon exit due to reduced profits. At press time, LTC’s hashrate had dropped to 770.81 TH/s while its price had declined by 1%. Additionally, its one week volatility had plummeted and its volume had decreased, reflecting lower investor interest in trading it. Lastly, its velocity was also decreasing, meaning it was used less often within a set time frame.
Bullish Indicators Remain Intact
However, not all indicators are bearish for LTC; some remain bullish despite recent declines in prices and other on-chain metrics. For example, the distance between its 20 day Exponential Moving Average (EMA) and 55 day EMA is declining which increases chances of a bullish crossover occurring in future trend predictions.
Is Mining Profitable?
The sustainability of Litecoin mining rests largely upon whether or not current miners can make a profit at current prices or if they will eventually choose to exit due to unprofitability should prices continue to decline further. Such decisions are likely based upon each miner’s personal risk appetite as well as their access to cheaper energy sources which could keep their costs low enough for them to remain profitable even at lower prices levels than those currently seen in the market today.
Despite some negative signals pointing towards potential exits from the mining industry due to declining profitability rates caused by price drops, overall sentiment remains optimistic as other indicators point towards an upcoming bull run for Litecoin with other factors such as decreased EMAs distances playing into these predictions as well as possible sustained profitability for miners even at lower prices due to cheaper energy sources available for them locally where they operate..