Litecoin’s (LTC) Hash Rate and Difficulty Recover Despite Faltering Price

LTC has lost more than half of its value in the past few months, despite the most recent market price increases. Its blockchain hash rate, on the other hand, has been on a steady uptrend depicting the resilience of network participants in the face of tremendous volatility in the broader market.

Litecoin Hash Rate on the Path to Recovery

According to data from BitInfoCharts, Litecoin’s mining hash rate increased to 397 Th/s on February 1st. The last time the figures were this high was back in August 2019. Despite undergoing a mild retracement a week later, the numbers are still hovering around this level. Besides, further data also suggested that the network’s latest difficulty level was also adjusted to 13.53 million, a level last seen in August 2019.

Litecoin Hash Rate. Source: BitInfoCharts
Litecoin Hash Rate. Source: BitInfoCharts

It is important to note that the network hash rate declined sharply to 170 Th/s in June 2021, just a month after hitting an almost two-year high of 384 Th/s. This came amid the all-out crypto ban in China.

Since then, both hash rate and difficulty have been on a steady uptrend in tandem price recovery, even though the latter’s trajectory wasn’t as smooth. In fact, the plunge that unwrapped in the last week of January this year also failed to deter the overall hash rate trend, demonstrating a more robust network.

The major culprit for the initial fall was undoubtedly the second halving. Litecoin’s hash rate and difficulty went on a freefall since the mining reward network halving in July 2019.

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It soon fell out of favor with investors, and it took sixteen months from the event for the silver coin to reach a price of three figures. However, Litecoin mining became more profitable throughout 2020 and remained on approximately the same level in the early months of 2021. The latest recovery was a bullish factor as network volatility continued to wreak havoc.

MimbleWimble Update

Even as most regulators worldwide have blatantly snubbed anonymity-fostering protocols, Litecoin is moving ahead with privacy opt-ins with the release of MimbeWimble (MWEB) upgrade after two years of development. It first started when the Beam Privacy team announced an interesting implementation of MWEB as Extensions Blocks (EB) into the Litecoin network in December 2019.

Experts hold a bullish view on this upgrade. According to the lead developer David Burkett, the update in question aims to enhance the viability of Litecoin as a fungible currency for daily transactions, paying salaries, and even buying real estate.

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Weekend Watch: Axie Infinity (AXS) Explodes 17%, Bitcoin Maintains $41K

After surging above $41,000, bitcoin has maintained its momentum and has remained above that level. The altcoins, which marked significant gains yesterday, have stalled now. Axie Infinity is among the few exceptions after a massive double-digit surge.

Bitcoin Maintains $41K

It was just a few days ago when the largest cryptocurrency struggled to remain above $37,000 and dipped below that level on a few occasions. The bulls attempted to push it north, which resulted in trading around $38,000 on Friday.

This is where the landscape changed, though. BTC initiated an impressive leg up in the following hours and surged above $40,000 for the first time in weeks.

Moreover, bitcoin even reclaimed $41,000 and neared $42,000. As of now, the asset stands just shy of that level, and its market capitalization is close to $800 billion once more.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Alts Stall: AXS Soars With Double Digits

The alternative coins went on a roll yesterday with massive double-digit gains from almost all. Now, though, the majority have calmed.




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Ethereum stands above $3,000 for the first time in weeks, as well, even with a minor decrease since yesterday.

More slight decreases come from Binance Coin, Cardano, Solana, Ripple, Polkadot, Terra, Dogecoin, Avalanche, and Shiba Inu.

In contrast, CRO is up by another 3%, while Litecoin has surged by 8% and stands above $125.

Axie Infinity is among the most impressive performers with a 15% surge. Consequently, AXS trades well above $60. Gala (20%) and Theta Fuel (10%) are also well in the green.

Somewhat expectedly, the crypto market cap has remained relatively calm, around $1.9 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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After Volatile Week BTC Reclaims $43K, Litecoin Spikes 8% (Market Watch)

After yesterday’s drop to sub-$42,000 levels, bitcoin bounced off and spiked to around $43,000. Most altcoins are slightly in the green as well on a daily scale, with BNB nearing $500 and more impressive gains from Litecoin and ATOM.

Bitcoin Touches $43K

The past several days seemed quite positive for the primary cryptocurrency. The asset had recovered from its dip below $40,000 on Monday and was increasing in value gradually.

In just a few days, it added more than $4,000 of value, which resulted in breaking above $44,000 on a few occasions – the last one on Thursday.

However, this is there the landscape changed. After touching a weekly high of $44,500, the bears stepped up and pushed BTC south. This time, bitcoin dropped by over $2,500 and declined to just under $42,000 yesterday.

Since then, BTC has added around $1,000 of value and now sits at approximately $43,000, and its market capitalization has remained above $800 billion.




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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Litecoin Spikes 8%: BNB Nears $500

Ethereum went through a volatile week of its own in the past several days, which included a drop to a multi-month low beneath $3,000. After that dump, though, ETH went on the offensive and recovered $300 in days. As of now, a minor 2% increase since yesterday has pushed the second-largest crypto to above $3,300.

Binance Coin is up by around 3% on the day and is close to challenging $500. Ripple, Polkadot, Avalanche, Shiba Inu, MATIC, LINK, and Terra are also slightly in the green.

Litecoin (8%) is the most substantial gainer from the larger-cap alts, followed by ATOM (7%). In contrast, Dogecoin, Solana, and ADA have tapped minor losses.

The cryptocurrency market capitalization has increased by around $40 billion since yesterday and remains well above $2 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Bitcoin Drops $3K After Getting Rejected at $52K: Ethereum Below $4K (Market Watch)

Bitcoin surged to a new three-week high at $52,000, but the subsequent rejection drove it south by a few thousand dollars. The altcoins are also most in red, with Ethereum dumping well below $4,000.

Bitcoin Rejected at $52K

The past several days were going well for the primary cryptocurrency, which broke above $50,000 on Christmas Eve. It went even higher during the weekend and neared $52,000.

The bears intercepted the move and pushed it south in the following hours, but BTC refused to stay down. It started to reclaim value and exceeded $50,000 once again. It also continued climbing this time and even touched $52,000 to mark a new three-week high.

However, this endeavor was short-lived as bitcoin started to lose value somewhat rapidly. It dropped by more than $3,000 in hours to below $49,000. As of now, it has bounced off and currently stands above $49,000, but it’s still 2.5% down on the day.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins in Red: ETH Below $4K

The altcoins marked substantial gains yesterday, but most are deep in red today. Ethereum traded above the coveted $4,000 for several days, but a 3% decline in the past 24 hours has driven the second-largest crypto to well beneath that line.




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Solana, Cardano, Ripple, Avalanche, Dogecoin, Shiba Inu, MATIC, CRO, Litecoin, and Chainlink have all lost somewhere between 1.5 and 5% in a day.

Terra (-7.5%) and Polkadot (-6%) are even deeper in red. Binance Coin is the only larger-cap alt slightly in the green.

ICON and SushiSwap have surged the most since yesterday with 17% and 11%, respectively. In contrast, THETA, Loopring, Helium, Curve DAO Token, Harmony, and Zilliqa have lost the most value.

The cryptocurrency market cap is down by more than $70 billion since yesterday to just over $2.3 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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While Bitcoin Maintains $50K, Bitcoin Cash ABC Up 50% (Market Watch)

Despite retracing after the latest two-week high by several hundred dollars, bitcoin has remained above $50,000. Most altcoins are also slightly in the red following yesterday’s gains, with a few exceptions, such as Bitcoin Cash ABC, which is up by 50%.

Bitcoin Maintains $50K

Following a few consecutive weeks of consistent price drops, bitcoin finally initiated an impressive leg up yesterday, in which it broke above $50,000. Moreover, the cryptocurrency kept going upwards in the following hours and tapped a new two-week high of almost $52,000.

However, BTC failed to continue north as the bears stepped up. They pushed it south, but bitcoin still stands at around $51,000. It’s worth noting that the asset was not able to trade above $50,000 for two days in a row since the early December price crash.

The current price level means that BTC’s market capitalization has remained above $950 billion, while the dominance over the altcoins is at 40.6%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Alts Stall as BCHA Spikes

The alternative coins also registered notable gains yesterday. Ethereum led the charge with a surge above $4,100 just a few days after the asset struggled below $3,800. A minor decrease since then, though, has driven ETH to just shy of $4,100.




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Binance Coin has remained relatively still at nearly $550. More minor losses come from Cardano, Terra, Polkadot, Shiba Inu, Litecoin, and Chainlink, while Ripple, Avalanche, and MATIC have dropped slightly more.

Solana, Dogecoin, and CRO, on the other hand, are in the green. SOL has spiked by 2% to above $190, DOGE is up by more than 5% to $0.19, and CRO’s 7.5% increase has driven it to $0.65.

Nevertheless, Bitcoin Cash ABC is the most significant gainer from the top 100 coins with a 50% surge to above $100.

The cryptocurrency market capitalization has declined slightly and is under $2.4 trillion now.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Market Watch: ETH Got 1% From New ATH, BTC Struggles to Break $58K

Bitcoin continues to struggle below $58,000 as the last attempts to conquer that level failed. At the same time, some altcoins have produced more significant gains, including ETH, which came just inches away from a new ATH.

ETH’s ATH Push and Alts on the Rise

The second-largest cryptocurrency dipped beneath $4,000 less than a week ago. However, the landscape around it has changed dramatically since then, and ETH now stands over $4,700.

Moreover, ETH touched $4,800 hours ago, which means that it came less than $80 away from painting a new all-time high.

Most other larger-cap alts are also in the green now. Binance Coin is nearly 5% up on the day and has increased to $640. Solana is among the best performers as a 9% surge has driven SOL to $220.

Cardano (2%), Ripple (3%), Polkadot (5%), Avalanche (6.5%), Terra (5%), CRO (7%), Litecoin (6%), Polygon (13%), and Chainlink (6%) have all marked substantial daily gains.




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In contrast, the two largest memecoins are in red. Dogecoin is down by 1.2%, while Shiba Inu, which skyrocketed following a listing on Kraken yesterday, is down by 8% now.

Further gains come from Voyager Token (33%), Stacks (27%), Curve DAO Token (19%), KuCoin Token (11%), and Nexo (11%).

The crypto market cap is up by $80 billion in a day and is close to $2.8 trillion on CoinGecko.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Bitcoin Failed at $58K

While most alts charted impressive gains, bitcoin couldn’t do the same. The cryptocurrency had dipped below $54,000 during the weekend but surged by over $4,000 on Monday.

It continued in the following hours upwards and even touched $59,000. After a brief retracement, BTC did it again and exceeded $59,000 yesterday once again.

However, it failed to keep rising, and the subsequent rejection drove it south by $2,000. Following a few more fluctuations, BTC has now stalled around $57,000.

As bitcoin’s market cap has remained beneath $1.1 trillion, the dominance over the alts continues to fade away. The metric was above 44% just a few weeks ago, but it’s down beneath 41% now.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

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Crypto Market Down $200B as Wall Street Futures Tumble on Renewed COVID-19 Concerns

The new COVID-19 variant coming from South Africa has brought more pain to all financial markets. As the futures contracts of the world’s most prominent stock indexes have slumped, the cryptocurrency space experienced a massive correction. Bitcoin dumped to a six-week low, while some altcoins saw double-digit price drops.

Bitcoin and Global Markets Tumble

The primary cryptocurrency was on its way towards $60,000 yesterday after recovering from the previous drop below $56,000. It came roughly $500 away from challenging that coveted level, but it failed, and the landscape changed vigorously hours later.

Bitcoin dumped by $5,000 in a few hours to an intraday low of $54,300, which became the lowest price point since October 13th. As reported earlier, this enhanced volatility caused mass pain for leveraged traders as the liquidations skyrocketed to over $700 million on a daily scale.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

This price crash coincides with similar developments in the global stock markets. Prompted by fears of a new COVID-19 variant coming from some African nations, the futures contracts of Dow Jones, the S&P 500, Nasdaq, and other popular indexes plummeted.

The Dow’s futures are down by more than 2%, those for the S&P 500 by nearly 1.7%, while oil prices dropped even harder. US crude oil futures declined by over 5.5%.




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The situation in Asia is identical, with Japan’s Nikkei and the Hong Kong Hang Seng losing around 2% each.

Altcoins Have it Worse

As it usually happens when bitcoin heads south, so do the alternative coins. Ethereum exceeded $4,500 yesterday at one point, but a substantial correction of over $400 has driven it south below $4,100 as of now.

Binance Coin traded north of $610 but it’s down to $580 now. Solana (-6.5%), Cardano (-5%), Ripple (-7%), Polkadot (-8.5%), Dogecoin (-7%), Shiba Inu (-2%), and Litecoin (-9%) are deep in red as well.

Avalanche and CryptoCom’s token have lost the most from the larger cap alts. AVAX has dumped by 12% to below $110, while the recent high-flyer CRO has plummeted by more than 20% and sits beneath $0.7.

The crypto market cap is down by nearly $200 billion in a day to below $2.5 trillion on CoinMarketCap.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Crypto Black Friday – Bitcoin Dipped to $55K, Market Discounted $400B Weekly (Market Watch)

The adverse price developments continued in the crypto market in the past 24 hours, with bitcoin sliding to a new monthly low of $55,700. Most alternative coins are also in the red as the entire market cap is down by another $100 billion.

Bitcoin Saw a Monthly Low

Ever since bitcoin tapped its all-time high at $69,000 last week, the bears have been the predominant force in the space. They pushed the asset by $6,000 in minutes following the peak and prevented it from recovering a day later.

Nevertheless, bitcoin managed to bounce off earlier this week and exceeded $66,000 briefly. However, the price slides continued, and BTC slumped by $7,000 in a day. As such, it dropped below $60,000 for the first time since late October.

After an unsuccessful attempt to overcome that level in the following hours, the cryptocurrency headed south again. This time, it dumped all the way down to $55,700 (on Bitstamp), which became the lowest price point seen since October 13th.

As of now, BTC has reclaimed some ground and currently stands above $57,000. However, its market capitalization is well below $1.1 trillion, and its dominance over the alts has gone below 43%.




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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Alts Chart Losses: Mana Explodes

The alternative coins also suffered in the past few days. On a 24-hour scale, most are still in the red, even if their losses are a bit less painful than BTC.

Ethereum dropped below $4,000 briefly, but it now stands at $4,150. Binance Coin, Solana, Cardano, Ripple, Polkadot, Dogecoin, Shiba Inu, and Litecoin are also slightly in the red.

Yesterday’s top performer – CRO – is down by 8.5% in a day and is close to breaking below $0.5.

Avalanche and Terra are the only two alts from the larger-cap ones slightly in the green. From the lower- and mid-cap altcoins, Decentraland has registered the most substantial price increase. A 13% surge has driven MANA to nearly $4.

Enjin Coin (11%), Arweave (10%), Basic Attention Token (10%), and The Sandbox (9%) follow suit.

According to CoinGecko, the cumulative market cap of all crypto assets is down to $2.650 trillion. This means that the metric has declined by roughly $400 billion since its peak about a week ago.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Correction Deepens as Bitcoin Trades Below $60K: Market Watch

The situation in the crypto market worsened in the past 24 hours as bitcoin dropped below $60,000 for the first time since late October. Aside from a few exceptions, most of the altcoins bled out as well, with massive price dives from Binance Coin, Solana, Cardano, Terra, Litecoin, and more.

Bitcoin Sits Below $60K

Precisely a week ago – on November 10th – the primary cryptocurrency was riding high and reached a new record of $69,000. A lot can change in seven days in the cryptocurrency market, however.

Instead of challenging $70,000, the asset reversed its trajectory and dumped by several thousand dollars in hours. It calmed around $65,000 briefly and even jumped above $66,000 on Monday, but it was short-lived.

As reported yesterday, bitcoin plummeted to just over $60,000, thus losing $6,000 in a day. Since then, though, the situation has intensified even more, and the cryptocurrency dumped blow $60,000 for the first time since October 28th.

Moreover, BTC fell to $58,600 (on Bitstamp) before recovering several hundred dollars. As of now, it still stands way below $60,000, and its market capitalization is down to $1.120 trillion.




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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins in Red

The alternative coins have also suffered in the past few days. Ethereum is down by another 3.5% since yesterday and trades below $4,200. A week ago, the second-largest crypto saw a record of its own at nearly $4,900, but it’s down by more than $700 since then.

Binance Coin was also riding high amid the new projects getting launched on its platforms. The token surged to a six-month high above $650. Now, though, BNB is down to $560 after another $8.5% decline.

Solana, Cardano, Polkadot, Shiba Inu, Terra, Litecoin, Chainlink, Ripple, and Dogecoin are also deep in the red. In contrast, Avalanche and CryptoCom’s coin are the only two in the green from the larger-cap ones. AVAX is up by 6% to $96, while CRO’s 6.5% increase has driven it to $0.45.

The Sandbox and IOTA have also charted some gains in the past 24 hours, with SAND trading at $3.3 and IOTA nearing $1.4.

However, UMA (-16%), Livepeer (-15%), KuCoin Token (-13%), Zcash (-12%), PancakeSwap (-12%), ICON (-11%), VeChain (-10%), and more, are all in the red.

Thus, the crypto market cap is down by $100 billion once again to $2.7 trillion on CoinGecko.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Bitcoin Plunges to 10-Day Low at $60K: All Top 50 Coins In Red (Market Watch)

The bears returned in the cryptocurrency space as bitcoin dumped by more than $6,000 in hours. The altcoins are also deep in red, with ETH, DOT, LUNA, and LTC dropping by double-digit percentages in a day.

Bitcoin Drops to a 10-Day Low

It was less than a week ago when the primary cryptocurrency was riding high and touched $69,000 for its latest ATH record. As the community wondered if it had the strength to continue upwards and tap $70,000, the landscape changed.

BTC plunged to $63,000 hours later, bounced off to $65,000, and headed south once again in the following few days. Yesterday, though, seemed significantly more promising as bitcoin surged above $66,000.

This recovery session was also short-lived, however. In the following several hours, the asset started to lose value rapidly and dumped to just over $60,000 (on Bitstamp), which became the lowest price tag since November 6th.

Bitcoin’s market capitalization has dropped to $1.150 trillion – meaning a $100 billion decline in just a day.




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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Alts See Nothing but Red

As it typically happens when BTC drops hard, so have done the alternative coins. Ethereum is among the leaders in this adverse trend with a massive near 10% price dump. As a result, ETH currently trades below $4,300. The second-largest crypto also reached a new ATH last week at nearly $4,900.

Polkadot, Terra, Litecoin, Chainlink, and Bitcoin Cash have lost around 10% as well in the past 24 hours. Consequently, DOT is down to $42, Luna to $45, LTC is below $250, LINK is just over $30, and BCH sits below $620.

More losses come from Binance Coin, Solana, Cardano, Ripple, Dogecoin, and Avalanche. Interestingly, Shiba Inu has taken this correction rather well with “just” a 3.5% drop.

CRO (-16%) has lost the most in a day, followed by Kadena (-14%), Audius (-13%), NEAR Protocol (-13%), Chainlink (-12%), OMG Network (-12%), VeChain (-12%), Cosmos (-12%), The Graph (-12%), and many more.

As such, the cryptocurrency market capitalization is down by more than $200 billion in a day.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Bitcoin (BTC) $ 44,186.84 2.36%
Ethereum (ETH) $ 2,377.42 0.87%
Litecoin (LTC) $ 78.90 6.65%
Bitcoin Cash (BCH) $ 255.81 3.98%