Litecoins [LTC] The hash rate is at an all-time high, but an uptick is on the horizon

  • The Litecoin hash rate is an all-time record
  • By breaking the link with the rest of the market, LTC rose amid the market downturn

At 613.81 TH/s, Litecoins [LTC] Data from CoinWarz revealed that the hash rate recently reached a new all-time high. After the last significant drop in July, Litecoin hash rate has increased by 64% in four months.

Read Litecoins [LTC] Price forecast 2023-2024

Moreover, on December 3rd, the network’s average difficulty reached its highest level since its launch, with a block height of 2,379,925. The average difficulty, according to Masari’s data, is 19.42M.

Source: Messari

Litecoin has a mind of its own

Although the cryptocurrency market has suffered a sharp decline since the FTX crash, the LTC price has taken a turn and posted gains during one of the most significant market declines seen this year so far.

According to data from CoinMarketCap, in the midst of the FTX debacle, LTC price temporarily dropped to $49.58 before recovering to start a rally. As a result, LTC closed the trading month at an index price of $76.52, which increased the price by 24% over the 30-day period.

Source: CoinMarketCap

Interestingly, despite challenging the odds for a price rally, most LTC holders failed to see a gain on their investment, as the LTC network made profit/loss (NPL) on a 30-day moving average that was -149,000 on November 30.

This is also confirmed by the status of the asset’s market value to realized value (MVRV) over the same period. According to Santiment data, LTC’s MVRV on the 30-day moving average in November was -28.00%, indicating that investors were losing money despite the asset’s price growth.

Source: feeling

Moreover, LTC followed a negative sentiment for most of the 30-day period despite the steady price rally. According to Santiment data, LTC only received significant positive sentiment from investors during the November 21-23 period. Sentiment remains negative at the time of writing, with LTC weighted sentiment at -0.33.

Source: feeling

Online fees

Even with the continuous increase in the hash rate, the fees paid to miners on the Litecoin network have dropped significantly since September 27. At 13.33 LTC at the time of writing, miner fees are down 31%, data from Glassnode revealed.

Source: Glassnode

Additionally, the average fee paid per transaction on Litecoin has seen a steady decline since the beginning of the year. This is due to the bearish nature of the trading year so far. According to data from Messari, the average transaction fee for Litecoin has fallen by 100% since January.

Source: Messari

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