Litecoin Hashrate Reaches New All-Time High, Will LTC Price Follow? cryptoforbs

Litecoin’s hash rate has been rising steadily over the past year. This was mainly driven by anticipation leading up to the Litecoin halving that was scheduled to take place in August. Now that the halving event is over, the hashrate has risen to a new all-time high, but the question is whether the LTC price will follow suit.

Litecoin Hashrate gets a new ATH of 1.03 PH/s

The steady rise in Litecoin hashrate is a testament to the growing interest in the network. Hash rate refers to the fact that there are more miners on the blockchain trying to guess the correct answers for each block. This translates into overall better security for the Litecoin network.

Interestingly, this increase in hashrate saw not only the network reach a new all-time high, but also an important milestone. According to data from CoinWarzLitecoin’s hash rate rose to 1.03 pentas per second (PH/s) on August 4.

This means that for the first time, the LTC hash rate left the terahash per second (TH/s) region and crossed into the pentahashes per second (PH/s) region. Although we still have a long way to go to reach Bitcoin’s exahash rate per second (EH/s), it is a testament to how much the Litecoin network has grown.

Litecoin hash rate has since fallen back into TH/s territory, where it now stands at 739.88 TH/s as of Monday, August 7. But a look at last year’s hash rate chart shows that even this is a high level for blockchain hash rate.

LTC hashrate remains high compared to 2022 | Source: CoinWarz

Will the LTC price follow the hash rate?

Since the Litecoin hash rate reached a new all-time high, the price of LTC has become more volatile than usual. This is not out of the ordinary though as the altcoin has been following the overall market trend and LTC is a testament to this trend.

However, so far, LTC does not seem to have made any effort to break out of this trend. However, it suffered more declines than recoveries, even falling to a low of $80.65 on August 4. This decline shows that the new hash rate ATH did not prompt investors to invest more in the coin.

Right now, the thing that could trigger an uptrend for Litecoin price is if Bitcoin starts another rally and the cryptocurrency market starts seeing an improvement in sentiment. Otherwise, LTC will likely continue to reach the $82 line for the better part of the week.

At the time of writing, LTC is trading at $82.80, down 0.47% in the last day and 11.67% in the past week.

LTC price trending at $82.42 | Source: LTCUSD on Tradingview.com