Litecoins [LTC] the hash rate hits an all-time high, but a relief rally is in sight

  • Litecoin’s hash rate hits an all-time high
  • Breaking correlation with the rest of the market, LTC rallied amid a slowing market

At 613.81 TH/s, Litecoin [LTC] The hash rate recently hit a new all-time high, data from CoinWarz revealed. After its last significant decline in July, Litecoin’s hash rate has risen 64% in four months.

Reading Litecoins [LTC] price prediction 2023-2024

Additionally, as of December 3, the network’s average difficulty was at its highest since launch, with a block height of 2,379,925. According to data from Messari, this stood at 19.42 million.

Source: Messari

Litecoin has its own mind

Although the crypto market has suffered a sharp decline since the collapse of FTX, the price of LTC has driven divergence and recorded gains in one of the most significant market downturns experienced so far this year. .

According to data from CoinMarketCap, at the height of the FTX debacle, the price of LTC momentarily fell to $49.58 before bouncing back to start a rally. As a result, LTC closed the trading month at an index price of $76.52, increasing its price by 24% over the 30-day period.

Source: CoinMarketCap

Interestingly, although they braved the odds to post a price rally, most LTC holders did not see a profit on their investments, as the network profit/loss (NPL) of LTC on a 30-day moving average was -149,000 as of November 30.

This was confirmed by the state of the market value to realized value (MVRV) ratio of the asset during the same period. According to data from Santiment, LTC’s MVRV on a 30-day moving average in November was -28.00%, indicating that investors held onto a loss despite the asset’s price growth.

Source: Santiment

Additionally, LTC was dragged down by negative sentiment for most of the 30-day period despite prices steadily rising. According to data from Santiment, LTC only enjoyed significant positive investor sentiment from November 21-23. Sentiment remained negative at press time, with LTC’s weighted sentiment at -0.33.

Source: Santiment

Network charges

Even with a steady increase in hash rate, fees paid to miners on the Litecoin network have dropped significantly since September 27. With 13.33 LTC at press time, miner fees have fallen by 31%, data from Glassnode revealed.

Source: Glassnode

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

Source: Messari

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