As a seasoned analyst with over two decades of experience in the financial markets, I find myself constantly intrigued by the dynamics of the crypto market. The recent market drop, while unsettling for many investors, has not deterred my fascination with Litecoin‘s resilience and growth.
On Tuesday, a significant market fall occurred, resulting in one of the most challenging days recently for both prominent cryptocurrencies and mid-tier ones. The downturn took place following Google’s announcement that they were conducting benchmark tests on their innovative Willow quantum computing chip, causing apprehension regarding potential effects on crypto privacy and digital wallet security within the market.
Litecoin followed suit, dropping by more than 8% temporarily to reach about $104, but later bounced back to approximately $113. Nevertheless, it remains at the forefront among notable alternative cryptocurrencies in terms of network activity.
Litecoin Sees Record Activity
Based on a recent study by IntoTheBlock, Litecoin consistently shows high utility as one of the long-standing Layer 1 networks. It boasts over 370,000 active addresses daily and processes more than 200,000 transactions, making it more active compared to networks such as Dogecoin, Cardano, and Avalanche.
One significant factor fueling this interaction is Litecoin’s function as one of the scarce digital currencies regularly employed for transactions, thereby reinforcing its relevance in practical applications based on research from a blockchain analytical platform. Moreover, its substantial daily transaction volume, approximately equal to its overall market capitalization, underscores its practical value.
Moreover, Litecoin has approximately 7.94 million wallets containing some value, the vast majority of which are owned by long-term investors. Interestingly, around 72% of these owners are presently experiencing a profit.
During this past week, Litecoin’s hash rate achieved a record high for the first time, reaching 1.80 Petahash per second at block 2,806,273. This significant achievement underscores the increasing security of the network and emphasizes Litecoin’s durability, even amid price fluctuations.
Litecoin Drives Massive Profit Growth for BIT Mining
The surge in hash rate follows BIT Mining’s disclosure that their decision to mine both Litecoin and Dogecoin has been exceptionally profitable. In fact, they’ve seen almost triple the returns compared to mining Bitcoin solely. As of November 27th, BIT Mining mined approximately 84,485.42 Litecoins, worth around $10.7 million, and over 227 million Dogecoins, valued at roughly $94.8 million.
Without revealing the specific amount, it’s clear that the company has kept some of the mined Litecoin and Dogecoin. The prices of these digital currencies have surged significantly in the last few weeks, contributing to their increased profitability.
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2024-12-10 16:18