Litecoin Network’s Hash Rate Remains Steady Amidst Market Uncertainity
As of August 9, Litecoin’s network hash rate has been reported to hover around 760 TH/s, marking a slight dip from the record high of 816 TH/s observed in late July 2023. Despite the reduced network performance, the medium-term forecast for Litecoin (LTC) remains bullish.
A vital factor that contributes to this outlook lies in the fact that bears have been unable to offset impressive gains realized in the period from mid-June to mid-July 2023. Accordingly, analysts and traders alike continue to monitor the relationship between the hash rate and spot prices closely, primarily due to the regulatory uncertainty that plagues the crypto industry.
In a worst-case scenario, a substantial fall in Litecoin’s value may lead to a parallel decrease in the hash rate, compelling the network to recalibrate the mining difficulty.
Litecoin Price Action Reveals $80 Price Level as Key Support
A resurgent Litecoin manages to bounce off the crucial $80 price point, sparking optimism amongst bullish traders eager to turn the page on a less-than-stellar July performance.
In Bitcoin terms, the Litecoin market cap reflects an optimistic sentiment among traders, as bulls anticipate riding the market hype in the wake of the Litecoin’s halving event earlier this month on August 2.
Drawing from earlier price trends, Litecoin’s price action lays bare the importance of the $80 price mark to bullish investors on the 12-hour timeframe.
Notably, the $80 level has been the catalyst for bullish drives in the early part of May as well as towards the end of June. Moreover, the 30d Market Value to Realized Value (MVRV) ratio indicates that monthly holders are beginning to realize profits, standing at a promising 10% — another positive indicator for the bulls.
The next few weeks will be crucial in determining whether bulls can utilize this $80 baseline as a stepping stone for yet another rally.
Interested in monitoring the developments with Litecoin? Share your thoughts and predictions in the comments below.
