Much expectation was placed around the last Litecoin halving which happened in August 2019, but the fifth largest cryptocurrency failed to deliver as expected. However, as Litecoin price followed suit with Bitcoin on the upside trend in the last few months, traders have now shifted their hope for Litecoin price on Bitcoin halving.
Litecoin hashrate also plunged, and it is down by about 50% since the reward slashing event, but a recovery attempt seems to be in place as the latest report confirms that Litecoin hashrate hits 213.62 TH/s, a level it last reached six months back.
As related, Litecoin hashrate has been on a steady rise since mid of March. On a brighter side, even though the price of LTC is about 45% down since its 2020 high, a steady recovery is also being displayed, with hopes for more upside rally.
After rising high to around 200.60TH/s in the last few days, the hashrate fell backward to around 160 TH/s in a manner that seems like a recoup before another sudden spike was witnessed yesterday, and it has continued to stay confidently above 200 TH/s.
While Litecoin continues to maintain solid support above $40 since the last one month, observers have begun eyeing the last uptrend in hashrate as a positive sign for Litecoin’s price in the market.
Prominent Litecoin evangelist John Kim while commenting on the milestone achieved by, opined that the price of the cryptocurrency would soon follow the same trend as the hashrate, and a breakthrough upward may set in soon.
As displayed on the Litecoin hashrate distribution chart, Poolin and F2Pool mining pool are taking the lead in terms of the distribution of Litrecoinhasrate. The two represent more than 34% of the Litecoin hashrate.
Nevertheless, since the halving event, Litecoin mining productivity continues to lie flat.