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The Litecoin network is flourishing, with its hashrate approaching new all-time highs. Now at 1.7 PH/s, Litecoin’s hashrate has consistently grown since the start of the year.
This remains beneficial as, the higher the hashrate, the more computational power is contributed to the network, increasing the chances of successfully mining a block and earning rewards.
This week as well, Litecoin broke a new record by completing 84 million transactions by 2024 — the highest total in a single year and already 17 million higher than in 2023.
Likewise, the balance held by short-term LTC holders has also skyrocketed, increasing by 31% in the past month. This remains significant as increases in the balance of short-term holders frequently correlate with bottoms or occur before substantial price jumps.
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At the start of November, Litecoin welcomed the Core v0.21.4 Release, a patch version release that includes new features and important security updates.
This release contains fixes for security vulnerabilities, such as one that allows remote attackers to cause a denial of service. It also addresses the issue of hindered block propagation owing to mutated blocks, in which a peer could send mutated blocks that cleared the download state of other peers who had also announced a block, preventing block propagation.
Litecoin price fails to tag along
Amid these technical and network milestones, the Litecoin price has yet to measure up. Bitcoin has just touched an all-time high of $94,849 in today’s session, impacting market sentiment. Most altcoins have benefited from Bitcoin’s rise, reaching yearly highs.
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Litecoin also benefited from the positive sentiment, reaching highs of $98.27 on Nov. 16. Although impressive, this high is still lower than the current yearly high of $112 set in April.
Litecoin began increasing from a low of $65.33 on Nov. 6. The initial breakout resulted in a move above the moving averages of 50 and 200, which had held back the LTC price since April of this year.
At the time of writing, Litecoin was just up 0.03% in the last 24 hours to $86.66 and up 14% weekly.
Litecoin has recently formed a golden cross on its daily charts. This technical pattern is formed when the 50-day moving average crosses over the 200-day moving average, indicating a potential bullish trend. Litecoin’s next move will be closely watched in light of this potential bullish signal.