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The Litecoin network demonstrates impressive growth as it charts new milestones across multiple fronts. From surpassing new transaction records to a surge in its hashrate, the network is expanding rapidly. These notable milestones mark a pivotal phase in the network’s journey.
Despite these technological achievements, Litecoin’s (LTC) price still lags, overshadowed by Bitcoin’s (BTC) recent all-time high.
Litecoin Network Sees Rides High in Hashrate and Transactions
The Litecoin network is enjoying a surge in computational power, with its hashrate nearing 1.7 PH/s. Since the beginning of the year, the network’s hashrate has consistently grown, highlighting a robust and growing foundation for the blockchain.
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This increase in hashrate means more miners contribute computational resources, enhancing the network’s security and stability.
The increased activity in Litecoin’s network improved overall mining efficiency, benefiting Bitcoin miners and boosting profits.
In another milestone, Litecoin surpassed 84 million transactions in 2024, its highest annual total ever. This sharp uptick reflects the network’s growing adoption as more users choose Litecoin for their transactions.
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The impressive volume of transactions also signals confidence in Litecoin’s ability to handle high traffic, further solidifying its market position.
Litecoin’s market dynamics are also shifting, with short-term holders increasing their balances by 31% in the past month. This rise is significant because such increases often precede major market movements.
Historically, when short-term holders increase their stake, it signals potential price rallies or market bottoms. With more investors holding onto Litecoin, its prospects for price appreciation are growing despite the broader market’s volatility.
Litecoin Rollout Core v0.21.4: Security and Feature Upgrades
November saw the rollout of Litecoin’s Core v0.21.4 release, a patch version that enhances Litecoin’s security and functionality.
The upgrade addresses critical vulnerabilities, including a security flaw that could allow remote attackers to cause a denial of service (DoS) attack. It also resolves issues related to block propagation, ensuring that mutated blocks cannot block the network’s integrity.
These security improvements are vital for maintaining Litecoin’s reputation as a reliable network for its growing user base.
Litecoin’s Price Struggles Amid Bitcoin’s Rally
Despite these network milestones, Litecoin’s price has not yet reflected its impressive technical progress. Bitcoin’s recent surge to a record high of $94,849 has driven broader market enthusiasm.
The asset’s uptick propelled many altcoins and other industry sectors to yearly highs. However, Litecoin’s price remains subdued, trailing behind its larger competitor.
According to CoinMarketCap data, LTC is trading at $84.54 at the time of writing, down 2.64% in the last 24 hours.
This discrepancy highlights a common challenge in the altcoin space. While technical and network progress are essential, market sentiment often plays a crucial role in driving price movements.
