Litecoin Hashrate Hits New All-Time High Will LTC prices follow?

Litecoin hashrate has been steadily rising over the past year. This was mainly driven by expectations leading up to the Litecoin halving scheduled to occur in August. Now that the halving event has come and gone, hashrate has hit an all-time high, the question is whether the price of LTC will follow suit.

Litecoin Hashrate Utilizes New ATH of 1.03 PH/s

The steady rise in Litecoin hashrate is evidence of growing interest in the network. Hashrate indicates that there are more miners on the blockchain trying to guess the correct answer for each block. This means better security across the Litecoin network.

Interestingly, this increase in hashrate not only pushed the network to a new all-time high, but also achieved a significant milestone. Litecoin hashrate rose to 1.03 pentahashes per second (PH/s) on August 4, according to data from CoinWarz.

This means that LTC’s hashrate has left the TH/s (terahashes per second) realm for the first time and crossed into the PH/s (pentahashes per second) realm. Although it’s still a far cry from Bitcoin’s exahashes per second (EH/s), it’s a testament to how much the Litecoin network has grown.

The Litecoin hash rate has since moved back into TH/s territory and currently sits at 739.88TH/s as of Monday, August 7th. However, if you look at last year’s hash rate chart, you can see that the blockchain’s hash rate is still high.

LTC hashrate remains high compared to 2022 | Source: CoinWarz

Will the price of LTC follow the hashrate?

After Litecoin hashrate hit an all-time high, LTC price has become more volatile than usual. This is out of the ordinary because altcoins follow general market trends and LTC is evidence of those trends.

But so far, LTC doesn’t seem to have made any efforts to break away from this trend. Rather, the decline was greater than the recovery, falling to $80.65 on August 4th. This decline shows that the new hashrate ATH has not moved investors to invest more in the coin.

For now, what could lead to an upward move for Litecoin price is if Bitcoin starts another rally and sentiment in the cryptocurrency market starts to improve. Otherwise, LTC will continue to hover above the $82 mark throughout the week.

As of this writing, LTC price is trading at $82.80, down 0.47% over the past day and 11.67% over the past week.

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