Litecoin Network Thrives as Hashrate Approaches Record Highs
The Litecoin network is experiencing significant growth, with its hashrate nearing new all-time highs. Currently at 1.7 PH/s, the hashrate has steadily increased throughout the year, reflecting the network’s expanding computational power.
A higher hashrate enhances network security and improves the chances of miners successfully validating blocks and earning rewards. The Litecoin Foundation celebrated this milestone on social media:
“Network Check: Litecoin’s Hashrate is getting close to hitting new all-time highs! Currently cranking in at:
🔥🔥🔥🔥 1.7 PH/s 🔥🔥🔥🔥
That’s 1,700,000,000,000,000 hashes/s! $LTC is more secure than ever!”
Transaction Records and Holder Activity
This week, Litecoin also set a new record, completing 84 million transactions in 2024, marking the highest annual total ever. This figure is already 17 million higher than the transaction count for 2023.
Additionally, short-term Litecoin holders have significantly increased their balances, rising by 31% in the past month. Such trends are often seen near market bottoms or before notable price surges, making this development noteworthy.
Core Update Strengthens Security
In November, Litecoin released Core v0.21.4, a patch update introducing new features and essential security fixes. Key improvements include:
- Mitigating a vulnerability that allowed remote denial-of-service attacks.
- Resolving block propagation issues caused by mutated blocks, ensuring smoother network performance.
Price Struggles Despite Milestones
Despite these network advancements, Litecoin’s price performance remains underwhelming. While Bitcoin reached a new all-time high of $94,849 and many altcoins followed suit, Litecoin’s rally has been comparatively modest.
On November 16, Litecoin hit a high of $98.27, falling short of its yearly peak of $112 set in April. After rising from a low of $65.33 on November 6, LTC broke above its 50-day and 200-day moving averages, signaling a potential trend reversal.
At the time of writing, Litecoin was trading at $86.66, up 0.03% in the last 24 hours and 14% weekly.
Golden Cross Forms
Encouragingly, Litecoin has formed a golden cross on its daily chart, where the 50-day moving average crosses above the 200-day moving average. This technical indicator often signals a bullish trend, making Litecoin’s next moves critical to watch.
