Litecoin’s key PoW metric has some tips for LTC’s long-term holders

Litecoin [LTC] witnessed appreciable development on the worth entrance over the past three months. The altcoin additionally showcased a optimistic transfer within the crypto mining area. Interestingly, it has been persistently bettering its hashrate and mining profitability. 

A rising hashrate for any proof of labor (PoW) community signifies energy and safety for the blockchain. As of 30 September 2022, Litecoin’s hashrate stood at 0.48 KH/s. 

Source: Messari

There’s a pool of causes

The cause for miners’ curiosity in Litecoin might be the income generated by mining LTC. At press time, Litecoin mining generated a 39% profit for miners and outperformed different PoW cryptocurrencies, resembling Bitcoin [BTC], Ethereum Classic [ETC], and Monero [XMR].

When mining a sure cryptocurrency isn’t worthwhile, miners are compelled to promote the crypto they’ve mined to offset their losses. Since Litecoin mining has been worthwhile on the entire, miners have had extra incentives to carry on to LTC as an alternative of promoting the identical.

Furthermore, LTC witnessed important development in recognition on social fronts. Over the previous month, Litecoin’s social mentions grew by 9.4% and its social engagements elevated by 22.8%.

The sentiment in the direction of LTC, nonetheless, was comparatively impartial over the previous 30 days. An enormous spike within the weighted sentiment was noticed over the previous few days. 

1664534122 330 Litecoins key PoW metric has some tips for LTCs long term

Source: Santiment

Somewhere between black and white

Despite all the things good occurring with the altcoin, a couple of areas of concern absolutely should be saved in thoughts. Litecoin’s Market Value to Realized Value (MVRV) ratio witnessed a big decline over the past month. This might be perceived as a bearish signal by potential traders. 

The drop in Litecoin’s growth exercise may be a warning signal for traders. This might, in some method, counsel that builders weren’t (actively) contributing to new upcoming initiatives or upgrades.

1664534124 146 Litecoins key PoW metric has some tips for LTCs long term

Source: Santiment

That stated, at press time, Litecoin was buying and selling at $53.73 after declining by 0.40% within the final 24 hours. It witnessed a mere 0.2% development over the past seven days. 

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