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Litecoin is up almost 60% from its lowest point this month.
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Its hash rate is hovering near its all-time high.
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LTC has lost its close relationship with bitcoin.
Litecoin price has performed well over the past few days as it continues to diverge from Bitcoin. LTC was trading at $76.85 on Tuesday, up nearly 60% from its lowest level this month. It is also hovering near its May high, which has taken its market capitalization to over $5.4 billion.
ltc hash rate stable
Litecoin It is one of the oldest cryptocurrencies to have emerged from the bitcoin fork. It is a proof-of-work cryptocurrency that was created to solve some of bitcoin’s biggest challenges. For example, it has faster speeds and significantly lower costs than bitcoin.
The mining cost of Litecoin is also much lower than that of Bitcoin. However, due to its volatility, it has not been widely used as a payment option. Based on its hash rate, Litecoin is not as secure as Bitcoin.
It is unclear why LTC price has performed well over the past few months while other coins have remained on edge. One possible reason is that the activity in its ecosystem has performed well in the past few days.
For example, Litecoin’s hash rate is hovering near its all-time high of 600 TH/s. After falling to 527 TH/s, the coin’s hashrate has risen to 568. Hashrate is an important figure in proof-of-work cryptocurrency because it is a measure of the security of the network.
Similarly, Litecoin’s mining difficulty has been in a strong trend over the past few months. It currently stands at 19.24 million, down a few points from its all-time high of 20 million.
litecoin google searches
another possible reason Litecoin price Fear of Missing Out (FOMO) is on the rise. This happens when investors rush to buy a coin that is on a bullish path. Indeed, data from Google shows that the number of search queries on Litecoin has been on an upward trend and is now at its highest level since June this year.
Litecoin has also lost its close association with bitcoin. While its price has popped up, bitcoin is still on the verge of a bearish breakout.
Litecoin Price Prediction
is it safe buy litecoin, LTC price has been in an uptrend in the past few days. It managed to climb above the important resistance level of $67.56, which is the highest level since September 13. It also climbed above $73.13, which was the highest point on 7 November.
Litecoin’s rally is being supported by short and long-term moving averages, while the relative strength index (RSI) is nearing the overbought level. Therefore, the coin is likely to move higher as the buyers target the key resistance at $100.
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