Litecoin price The recovery stalled this week after defying gravity amid the ongoing crypto selloff. LTC hit a low of $75.60, down a few points from this month’s high of $84.47. It has remained about 60 per cent from the lowest level of November.
ltc hash rate fell
Litecoin There has been a strong bullish trend over the past few months as the demand for the coin remains at an elevated level. Its rally was surprising given the performance of bitcoin, ethereum and other large-cap cryptocurrencies. For example, BTC remained slightly above the year-to-date low of $15,400.
Litecoin’s Rally Coincides With Its Strong Performance hash rate, In November, the hash rate reached an all-time high of 633 TH/s, surpassing this year’s low of 328 TH/s.
Hashrate is an important data in proof-of-work cryptocurrencies as it helps measure the health of the network. It is used to determine the number of guesses made in the network per second.
This week, however, the price of Litecoin has plummeted amid growing concerns about crypto and the stock market. This drop is notable because this drop is caused by the hash rate. According to Coin Wars, the hash rate has dropped to 537, the lowest level since November 21.
Why is LTC falling
There are other reasons for the fall in LTC as well. First, it has fallen due to profit-taking in the coin since rising more than 65% from its lowest point in November. This is a normal situation in the wider market.
Second, it declined due to macro levels. Data from the US on Friday showed the US economy added more than 282k jobs in November. In the same period, the unemployment rate stood at 3.7%.
And on Monday, data showed the US services sector remained at an expansionary level. Therefore, investors believe that the Federal Reserve will continue to raise interest rates in the coming months.
Third, it seems that most crypto investors have reached panic levels, prompting them to sell their coins. The proof is that the number of bitcoins on exchanges has dropped sharply over the past few weeks.
While some of these coins have moved to external wallets, the data suggests that the number of coins in self-storage has not increased significantly. This shows that investors are still fearful about the crypto market. Indeed, the Crypto Fear and Greed Index has dropped to a fear level of 23.
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