Litecoin hashrate has been rising steadily over the last year. This was mainly driven by the anticipation of the Litecoin halving, which was scheduled to take place in August. Now that the halving event has passed and the hashrate has risen to a new all-time high, the question is whether the price of LTC will follow suit.

Litecoin Hashrate Reaches New ATH of 1.03 PH/s

The steady rise in Litecoin’s hashrate is evidence of growing interest in the network. Hash rate indicates that there are more miners on the blockchain trying to guess the correct answer to each block. This means that the overall security of the Litecoin network is higher.

Interestingly, the increase in hashrate not only brought the network to a new all-time high, but also a significant milestone. According to CoinWarz, Litecoin’s hashrate rose to 1.03 pentahashes per second (PH/s) on August 4.

This means that for the first time, LTC’s hashrate has left the terahashes per second (TH/s) realm and entered the pentahashes per second (PH/s) realm. While it’s still a long way from Bitcoin’s exahashes per second (EH/s), it’s a testament to the extent to which the Litecoin network has grown.

Since then, Litecoin’s hashrate has fallen back into TH/s territory, currently sitting at 739.88 TH/s as of Monday, August 7. But looking at the hashrate chart over the last year shows that even this is high for a blockchain.

Will the price of LTC change with computing power?

Since Litecoin’s hashrate hit an all-time high, LTC’s price has been more volatile than normal. This is not surprising as altcoins have always followed the general market trend and LTC is proof of this trend.

But so far, LTC doesn’t seem to have made any effort to break this trend. If anything, it has fallen more than it has risen, even falling to $80.65 on August 4. This decline shows that the new hash rate ATH has not prompted investors to invest more in cryptocurrencies.

Currently, if Bitcoin starts another rally and crypto market sentiment starts to improve, it could lead to a rise in Litecoin price. Otherwise, LTC might continue to trade around $82 for most of the week.

As of this writing, LTC price is trading at $82.80, down 0.47% from the previous day and 11.67% from the previous week.