Home » Litecoin investors have much to celebrate about after LTC’s price and hashrate surge

Litecoin investors have much to celebrate about after LTC’s price and hashrate surge

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later ethereum [ETH] Upon merging, miners had to switch to other blockchains to continue mining operations. Some blockchains have benefited from it. litecoin [LTC] I was in it. LTC hashrate has been on the rise in recent weeks. As of October 29, LTC’s hashrate reached 529.46 TH/s, indicating an increase in the number of miners on the network.

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Here it is AMBCrypto Litecoin Price Prediction [LTC] 2023-24

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but, data From bitinfochart At the time of writing, it has been revealed that the hashrate has dropped slightly.according to litecoin poolthere were three major mining pools that accounted for over 60% of the network’s total hashrate. These pools were ViaBTC, LitecoinPool, and Antpool.

Thanks to the current bull market, LTC showed a promising gain last week with a weekly gain of nearly 8.5%.When pressed, LTC transaction At $56.48, it has a market capitalization of over $4 billion.

This recent increase in hasrate LTC price pump. This is because the increase in LTC value is directly proportional to the profit earned by miners. Miners have high hopes for Litecoin, but is November as good for LTC as he was late October?

Miners and investors, get ready to party!

A similar upward trend is expected at the beginning of November as the metrics appear to be changing. litecoinCourtesy of. Several on-chain indicators have revealed that the uptrend could continue.

For example, LTC’s Market Value to Realized Value Ratio (MVRV) has increased. This was a bullish signal. The coin’s development activity followed a similar path, increasing last week. This represents an increase in developer efforts to improve the network.

In addition, the inventory-to-flow ratio also spiked, further increasing the likelihood of northward movement.

Source: Santimento

Nonetheless, some indicators looked troubling as they suggested a possible trend reversal in the coming days.LTC’s daily active addresses after a mid-October surge has decreased in the last few weeks. This indicates a low number of users in the network.

Social Volume and Sentiment Weighted for LTC also failed to register a promising rise, suggesting that the coin’s interest and popularity in the crypto community is declining.

Source: Santimento

The hype about LTC is real

Look at the LTCThe daily chart of the . revealed a significant advantage of

LTC’s Chaikin Money Flow (CMF) posted a bullish signal higher. Additionally, the Relative Strength Index (RSI) also appears to be well above the neutral position. This may increase your chances of a price increase. So, given all the indicators and market indicators, what miners expect from LTC next month is likely.

Source: Trading View

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