Litecoin Network Witnesses Significant Pool Hash Rate Decrease
The cumulative computing power that the Binance Pool is deploying to the Litecoin network has experienced a dramatic 50% decrease, moving from an average of around 69 TH/s recorded in January 2023 to a current approximate value of 28 TH/s. This severe drop has subsequently caused Binance Pool to lose its standing as one of the powerful Litecoin mining pools of choice as of July 2023.
Binance Pool Drops to 7th Place
As of July 25, Binance Pool is now ranked 7th within the Liteocin mining pool landscape, only accounting for about 3.6% of the total hash rate share. It’s a significant fall for Binance Pool which used to be at the helm of Litecoin mining. Meanwhile, viaBTC appears to have the leading position in Litecoin mining, taking up roughly 33% of the total Litecoin network hash rate.
LTC Price Faces Downward Pressure
The impact of the shift in mining power within the Litecoin network is reflected in the price trend-line. The Litecoin (LTC) price has been facing downward pressure as it dropped to around the $92 mark. An even more significant price drop pushed LTC below the pivotal $90 level to $89.47.
Underlying Concerns for Investors
The repetitive inability of LTC to surge beyond the $90 level has instead led to a pattern of lower lows, signaling a loss of bullish momentum. The current price decline sparks concerns among investors around the critical $87.65 support level. Predominently, the anticipation around Litecoin’s price action leading up to the impending halving event can provide important insights into the evolving market dynamics.
Wrapping Up
Despite the recent downturns, it remains imperative to focus on the bigger picture of market trends and dynamics in determining the future course of Litecoin’s performance. The current hash rate changes and the resulting price trends serve as essential indicators for investors to consider.
What are your insights on these developments within the Litecoin market? Does the hash rate drop within the Binance Pool give rise to any crucial concerns? Share your thoughts in the comments section below.
