Litecoin (LTC) Nears All-Time Highs, But Not in Price

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As a seasoned analyst with over two decades of experience in the crypto market, I’ve seen my fair share of bull runs and bear markets. The current state of Litecoin’s network is nothing short of impressive, especially considering its hashrate approaching new all-time highs and the record-breaking transaction volume. However, it’s always a bit amusing when the price action doesn’t quite align with the network’s performance – as seems to be the case with Litecoin at the moment.

The Litecoin network is thriving, and its hashrate is nearing unprecedented peak levels, currently standing at approximately 1.7 Petahashes per second (PH/s). Remarkably, the hashrate has been steadily increasing since the beginning of the year.

In simpler terms, a higher hashrate means more computational muscle added to the network, which boosts the likelihood of finding a block and receiving rewards in the process of mining.

Network Status Update: Litecoin’s Hashrate is approaching unprecedented peaks! At the moment, it’s soaring at an astonishing 1.7 PH/s, which translates to 1,700,000,000,000,000 hashes per second! This makes Litecoin more secure than ever before with the increased mining activity!

— Litecoin Foundation ⚡️ (@LTCFoundation) November 19, 2024

In the current week, Litecoin achieved a fresh milestone by executing over 84 million transactions in the forecasted year of 2024 – a number unmatched in a single year, and that’s already 17 million more than the transactions recorded in 2023.

Similarly, the amount owned by short-term LTC holders has experienced a dramatic rise, climbing up by 31% over the last month. It’s worth noting that such growth in the holdings of short-term investors often aligns with market bottoms or precedes sizable price surges.

In early November, Litecoin unveiled the launch of Core v0.21.4, which is an update that offers novel features and crucial security enhancements as a part of its patch series.

This update resolves security issues, including one enabling remote assaults leading to service interruptions. Additionally, it tackles the problem related to blocked information transmission due to altered blocks. In some cases, peers might send manipulated blocks that reset the download status of other peers who had also broadcast a block, thereby halting data dissemination.

Litecoin price fails to tag along

Despite achieving significant technical and network milestones, the price of Litecoin hasn’t quite matched up yet. In fact, Bitcoin has hit a record high of $94,849 during today’s trading, which is influencing market sentiment. Many other cryptocurrencies have been lifted by Bitcoin’s surge, reaching their highest levels this year.

On November 16th, Litecoin experienced a surge due to favorable market feelings, peaking at $98.27. While this is a notable achievement, it’s important to note that it hasn’t yet surpassed the highest point this year, which was $112 in April.

Starting November 6, I observed Litecoin’s gradual ascent from a bottom at $65.33. This initial surge surpassed both the 50 and 200-day moving averages, which had been curbing the LTC price growth since April this year.

Currently, as I’m typing this, Litecoin has experienced a 0.03% increase over the past 24 hours, reaching a value of $86.66. Over the last week, it has seen a rise of approximately 14%.

As a crypto investor, I’ve noticed an exciting development with Litecoin – it has just formed a ‘golden cross’ on its daily charts. This technical pattern occurs when the 50-day moving average climbs over the 200-day moving average, suggesting a possible bullish trend ahead. Now, everyone will be keeping a close eye on Litecoin’s next move in light of this promising bullish signal.

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2024-11-20 18:51