Litecoin Daily Transactions Shot up to 2019 High while Hash Rate Continues to Tank
- Hash Rate is down 61% since the halving and LTC price has fallen 38.6%
- Daily transactions on Litecoin network hit above 67k, last seen in Sept. 2018 briefly
In a sudden bout of a surge, the daily transaction on the Litecoin network jumped from $19.9k on Nov. 1 to 67.1k transactions the next day.
This spike, however, has been short-lived as the daily transactions on the Litecoin network went back to about 20k.
In the first half of 2019, transactions remained near 20k only to start increasing in May where it kept to the 30k.
This wasn’t the first time that a sudden and short spike in transactions was registered on the network. A similar uptick was seen in Sept. 2018 when the figure went to 74.7k and before that twice in February and in January the same year.
The all-time high transactions hit by Litecoin was in January 2018 at 225.8k during the bull run.
Hash Rate Down 61% Since the halving
The hash rate of the Litecoin network started falling in mid-July when it hit its all-time high at 528.8 Th/s. Since the block reward halving on Aug. 5, with the hash rate at 458.3/ Th/s, it has fallen 61% to 178.4 Th/s on Nov. 4. The hash rate is back to the January levels.
However, this didn’t come as a surprise as the same happened during the last halving. Over time, the hash rate tends to go back up.
Similarly, LTC price has fallen 38.6% since the halving when it was around $102.7 while it currently trades at $63, up 4.41% in the past 24 hours, as per Coincodex.
The fundamentals for the Litecoin network might be going south but it has finally taken steps towards implementing privacy features.
For this, the team has decided to do extension block because as Litecoin creator Charlie Lee explained in an interview with Grin talk,
“We want to do it in a soft fork, where existing nodes wouldn’t have to upgrade mean obviously over time they should upgrade it up to the latest code but they’re not forced to right away.”
Recently, Lee also announced Grin developer David Burkett as the lead on implementing MimbleWimble and Extension Blocks on Litecoin.