- Litecoin’s hashrate set a new record on April, 4.
- LTC/USD has gained 7% in recent 24 hours.
Litecoin’s hashrate hit a new all-time high on April,4 as the aggregated network capacity reached 359.43TH/s. The previous record was set at 342.88TH/s in May 2018.
“Following the recent explosion in Litecoin’s price that saw the market valuation peak at $99 a coin, the networks hashrate has reached a new all-time high. It is now harder than it has ever been for a single person to attack the network through proof of work, the consensus model by where new blocks of transactions are mined and verified,” Litecoin Foundation wrote in its blog post.
Since that time both Litecoin’s price and the hashrate retraced from the recent highs, the company believes that the network became more hack-resistant and secure. Moreover, they expect the hashrate to reach 500TH/s once the price hits $100.
“The network’s hashrate has historically followed price movements somewhat closely, behaving in a similar fashion to a moving average as it takes time for miners to setup and acquire new machines. However, it can react quicker to a down turn in price as it’s just a matter of switching them off once they become unprofitable. The Hashrate in this case has quickly recovered and stuck closely to the meteoric rise in price as the mining hardware was most likely still sitting on the sidelines just waiting to come back online,”they added explaining the move.
Litecoin’s technical picture
LTC/USD has gained over 7% since this time on Sunday to trade at $83.60 at the time of writing. From the longer term point of view, the recovery is capped by $88.00 with SMA100 (weekly) located just above this level. Once it is cleared, the upside may be extended towards the recent high of $99.00 and to $100.00.
On the downside, an important barrier comes at $64.20-$64.00 (DMA50). It is followed by SMA50 (weekly) at $63.17. A sustainable move below this area will negate the bullish forecast.
LTC/USD, 1D chart