thecoinrepublic.com
It’s been an interesting week for Litecoin which has been experiencing a surge in renewed interest. Also, the network’s hash rate just concluded the week with a push into a new all-time high.
The Litecoin hash rate has been on a positive growth trajectory this year. This signals that a lot of investment in mining has been taking place in anticipation of more trading activity.
The hash rate peaked at 1.45 on Friday, marking the highest historical level that it has ever achieved.
The growing hash rate underpins the network’s growing capacity as the market gets heated up. Interestingly, the very reason for the surge had already started playing out.
Litecoin had less than $300 million in daily volume at the start of November. However, volume data indicates a massive surge that pushed as high as $1.48 billion on 15 November. This was the highest spike in volume observed in the last 6 months.
The volume surge confirms renewed activity in the Litecoin network, as well as surging demand for LTC.
Litecoin Finally Breaks out of Ascending Consolidation Channel
LTC has been gradually recovering from August lows. It has been trading within an upward consolidation channel since then but had successfully broken out of the pattern at the time of writing.
Litecoin exchanged hands at $83.66 at press time after pulling back from the day’s high of $87.37. This was LTC’s highest price point since May 2024.
For context, LTC rallied by 34.81% from its lowest price point in November to its highest so far. The bullish breakout suggests that the cryptocurrency may experience a surge in demand in the coming days.
Litecoin is on track to cross the $100 price level if it maintains the latest bullish momentum. The cryptocurrency previously struggled to secure enough bullish for a recovery back to April highs.
LTC still traded at a heavy discount from its historic high. The cryptocurrency peaked at $413 at the height of the previous bull run in 2021.
Litecoin Ventures Into Memecoins With Mixed Reactions
A new memecoin called LESTER recently launched on Solana. It has been gaining popularity largely because it is a Litecoin-based memecoin.
Many embraced this as a sign of the network’s expanding scope while others saw it as a mockery of Litecoin.
Initial reports indicated that Litecoin was in support of LESTER. However, even bad publicity could end up being good publicity attracting more traders to LTC.
Recent findings also revealed that Litecoin was in the list of few cryptocurrencies recognized by Dubai Financial Services Authority (DFSA). The announcement means LTC could be one of the most highly adopted cryptocurrencies in Dubai.
The privilege may also expose Litecoin to cash rich institutions based in the Arabian city. An outcome that may favor its liquidity condition and potentially fuel more upside.
What’s Next for LTC?
Litecoin price action so far this month has been bullish but arguably a bit of an underperformance. Especially compared to massive gains that some of the top coins have achieved so far.
Nevertheless, LTC could be on the verge of a potentially massive rally especially as liquidity rotation starts to happen.
On the other hand, a major rally is not a guaranteed outcome. LTC is still one of the coins with rich crypto pedigree.
It will therefore be interesting to see how things will play out during what is shaping up to be possibly the biggest bull run.