LTC price movement after hash rate reaches new all-time high

Litecoin (LTC/USD) reached a new record when it came to hash rate, climbing to as high as 626.75 TH/s 

On-chain data also shows that Litecoin wallet addresses have been increasing and supporting the LTC price surge. 

Litecoin is a cryptocurrency purpose-built to enable quick, secure, and low-cost payments and uses the Proof-of-Work (Pow) consensus algorithm. 

New all-time high hash rate and a spike in wallet addresses as catalysts for growth

In the latest Litecoin news, according to data from CoinWarz, a platform that lets users access numerous features and tools for analyzing the profitability of cryptocurrency mining, Litecoin reached a hash rate of 626.75 TH/s on December 3, 2022, reaching a new all-time high in the process.

Additionally, on December 4, 2022, the Litecoin Foundation tweeted that on-chain data indicates that Litecoin wallet addresses carried on with their growth. 

At the start of 2022, there were 117 million wallets, and today, there are 162 million LTC wallets. 

On-chain data shows the number of #Litecoin wallet addresses continues to grow at a steady pace. From the beginning of the year, the number was approximately 117 million wallets. Now, there are 162 million LTC wallets and growing. 🚀🚀 pic.twitter.com/HcLFO8cPja

— Litecoin Foundation ⚡️ (@LTCFoundation) December 4, 2022

Both of these factors have played a major role in the price momentum and growth of the LTC cryptocurrency.

Should you buy Litecoin (LTC)?

On December 5, 2022, Litecoin (LTC) had a value of $82.99.

The all-time high of Litecoin (LTC) was on May 10. 2021 at a value of $410.26. Here we can see that at its ATH, the token was $327.27 higher in value, or 394% higher. 

When we go over its 7-day performance, Litecoin (LTC) had its low point at $71.13, while its high point was at $83.50. Here we can see a difference of $12.37 or 17%.

However, when we take a look at its 24-hour value, Litecoin (LTC) had its low point at a value of $75.87, while its high point was at $83.75. This marked a difference of $7.88 or 10%.

With all of this taken into consideration, investors will want to buy Litecoin (LTC) as it can reach $90 by the end of December 2022.