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Litecoin metrics indicate better days ahead

Litecoin saw a heavy drop in the hashrate after his halving in August 2019

Litecoin’s price remained stagnant below $ 50, with sales activity continuing to drag and hinder its upward trend. This has continued since its second halving, when its technical indicators were down. It has been ten months since then and its price was still down by more than 50% at the time of this writing.

However, there may be a trend reversal here and the following indicators point to the beginning of a positive trend.

Hashrate

Litecoin’s hashrate went up substantially from mid-December 2018 until early August 2019, leading to halving. Along with that, even the difficulty of mining has increased. As the block’s reward was cut in half, the hashrate and difficulty numbers began to decrease. However, once again, it started to follow an upward trend, with the currency’s recovery after the infamous Black Thursday.

Source: BitInfoCharts | Litecoin Hashrate

Currently the hashrate has reached a maximum of 8 months, rising to 256.19 Th / s, compared to an annual drop of 127.9 Th / s. The difficulty also followed suit and rose to 8.20M, an invisible level since October 25, 2019.

Growth of addresses

The metrics in Litecoin’s chain that seemed to have slowed down now have started to show signs of a positive trend. Their active addresses have also increased. According to the crypto data platform BitInfoCharts, the number of unique addresses [de ou para] per day or active addresses rose to 135.7K at the time of writing this text.

Litecoin metrics indicate better days ahead 24

Source: BitInfoCharts

Using Litecoin SegWit

Litecoin SegWit usage also registered 76%, the highest number since October. Interestingly, it has been three years since Segregated Witness, or SegWit, was activated on the Litecoin network. Growth, although slow, has been consistent. SegWit essentially modifies the block size limit on a blockchain by removing the signature data from the transaction and its use is still well above that of Bitcoin.

The adoption of this technology depends largely on Litecoin’s wallet operators and cryptocurrency exchanges, as its implementation, by default, allows users to easily transact using SegWit-enabled addresses.

Source: AMB Crypto

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