Soon after Litecoin’s halving event in August last year, the cryptocurrency witnessed a significant decline in its value. Despite numerous attempts for an upside breakout, LTC’s price was found to be consolidating below the 50-mark which caused it to slide to the 10th position on the cryptocurrency leaderboard.
However, several indices suggested a bullish flip in the near future.
Transactions hit levels unseen since November 2019
According to BitInfoCharts, the number of transactions in the Litecoin blockchain per day has surged to 57.39K, reaching a 10-months high. As depicted by the chart above, the growth has been gradual and reached a local top on the 20th of August when its price climbed above $67. Transaction figures dipped shortly after the LTC’s price underwent subsequent market corrections.
Accompanying the surge in transaction figures was the daily active addresses which also noted a consistent growth in figures. The latest uptrend could be a positive development for the LTC ecosystem which has been anticipating a bullish reversal for a long time now.
Hash Rate, Difficulty on a Rise
Following the block reward halving, the network saw a considerable decline in its hash rate. However, in the latest development, the figures were found to be rising once again. On the 10th of September LTC’s hash rate figures surged to 310.7 Th/s. This level was last seen about a year ago. At the time of writing, the hash rate continued to hover close to its yearly high. This trend of the increasing hash rate further suggested a more appealing proposition for the LTC miners as more mining power essentially translated into better network security against potential attacks.
Correspondingly, mining difficulty has also followed a steady uptrend and surged to levels unseen since October 2019. This reflected an increasing computing power being applied to mining the coin.
Litecoin has had a pretty tough year. But these trends could potentially push the coin’s value higher after a rather long hiatus with the bears.
In other related news, the Litecoin Creator Charlie Lee and CipSoft CEO Stephan Vogler announced the release of a role-playing fantasy game running on top of the Litecoin blockchain called the ‘LiteBringer’.