New data from the Litecoin Foundation shows that the hashrate of Litecoin [LTC] has reached a new record high.
The tweet states that LTC's hashrate topped 886 TH/s on February 15, 2023, in block 2,423,170. This elevation indicated that new miners had joined the network. The increased hashrate led to a rise in mining difficulty for BTC, which was 24.4 million at the time of publication.
The surprising increase of miners can be attributed to LTC's weekly price movement, which showed over 7% growth over the previous seven days.
However, Santiment's graph revealed that despite a rise in hashrate over the previous week, there were fewer daily active addresses on LTC. Due to the fact that this signal suggested fewer network users, it was unfavorable.
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In addition, the majority of the indicators were in LTC's favor and demonstrated that the network was operating well, with the exception of active addresses.
For instance, the recent strong increase in MVRV Ratio was a positive development for LTC. Demand from the futures market remained constant even as LTC's Binance funding rate rose.
The same was true of LTC's social volume, indicating the cryptocurrency's acceptance in the market. The 144 millionth transaction on the network had just finished processing, according to the Litecoin Foundation, which is yet another win for LTC. Yet, it seemed concerning as it dropped throughout the past week.