TL;DR

• Litecoin (LTC) has jumped by double digits in the last 24 hours amid optimism around a potential spot LTC ETF approval by the US SEC.
• While analysts predict further gains, the RSI index indicates overbought conditions, suggesting a possible short-term correction.

More Room for Growth?

The cryptocurrency market hasn’t seen much action in the past 24 hours, with most leading digital assets either charting minor losses or consolidating at their levels from Sunday.

However, there are some exceptions, with Litcoin (LTC) being one of the most evident examples. The asset’s valuation has surged by approximately 10% on a 24-hour scale, making it the best performer from the top 100 club. It currently trades at around $116 (per CoinGecko’s data), while its market capitalization is inching closer to $9 billion.

Following the latest rally, the percentage of Litecoin investors sitting on paper profits has jumped to 77%, while 16% remain underwater. 

An important factor that may have fueled the uptrend is the growing optimism that the US Securities and Exchange Commission (SEC) might approve a spot Litecoin ETF soon. Not long ago, the agency acknowledged Canary Fund’s intention to introduce that investment vehicle in America. According to Polymarket, there is an 81% chance that such a product will see the light of day before the end of 2025.

Numerous industry participants noted LTC’s resurgence, predicting this could be the start of an explosive bull run. The X user XForceGlobal assumed that the asset “is shaping up to be the next XRP.” 

“I am accumulating for the next two years. The only missing piece is liquidity; yet, it has maintained one of the longest streaks of higher lows in price action – a key factor I look for when accumulating,” they added.

Carl Moon and Sjuul also weighed in. The former told his almost 1.5 million followers on X that LTC is breaking out of a particular ascending triangle, which could result in a price spike to $128. 

Sjull maintained that the token’s chart looks “really promising,” adding that any potential corrections ahead could be interpreted as buy-the-dip opportunities.

Bulls, Beware With This Factor

Despite the overall optimism, Litecoin’s Relative Strength Index (RSI) signals a possible pullback in the short term. The technical analysis tool measures the speed and change of the asset’s price movements to help traders assess overbought or oversold conditions.

It varies from 0 to 100, with readings above 70 indicating that LTC might be overvalued and due for a correction. The ratio has gradually increased in the last few weeks, recently entering bearish territory.

It is becoming increasingly difficult to mine blocks on the Bitcoin network. In other words, the security of the leading crypto network is rising by the day, and this is evident in the Bitcoin hash rate hitting a new high.

According to data from Blockchain.com, the metric reached an all-time high of 845 million on February 8, up more than 43% from a year ago. While this surge is a positive occurrence for the Bitcoin network because it increases its security and overall resistance to attack, miners now face more difficulty when producing blocks.

Bitcoin Hash Rate Hits ATH

The hash rate tells how difficult it is to mine a Bitcoin block by determining the estimated number of terahashes the network generates per second. This indicates how much computing power miners use to process transactions on the blockchain.

When the Bitcoin hashrate surges, mining new blocks becomes harder and more competitive, requiring more computing power and higher energy costs. The rise in hash rate also suggests that new miners are joining the network and/or existing entities are expanding their facilities.

Meanwhile, this surge in hash rate comes as the Bitcoin mining difficulty rises 5.61% over a week to 114.17 trillion. Data from CoinWarz shows that the Bitcoin mining difficulty, which adjusts every two weeks or 2,016 blocks, is currently at an all-time high. The latest spike occurred at block height 883,008, while the next adjustment is expected to be at 885,024 with an estimated 1.69%.

How Are Miners Coping?

Data from YCharts reveals that Bitcoin miner revenue per day has plunged a little, even amid the spikes in mining difficulty and hash rate. At the time of writing, Bitcoin mining revenue stood at $43.52 million, down 10.48% in the last 24 hours and 7.3% from a year ago. This means miners are not earning as much as they often do.

Bitcoin’s (BTC) current price also influences miners’ revenue. Due to several macroeconomic factors, the cryptocurrency has been struggling under $100,000 since the beginning of the month and has remained below $98,000 since Friday.

Low BTC prices and revenue could make it more difficult for miners to stay afloat and manage their operations properly.

It is becoming increasingly difficult to mine blocks on the Bitcoin network. In other words, the security of the leading crypto network is rising by the day, and this is evident in the Bitcoin hash rate hitting a new high.

According to data from Blockchain.com, the metric reached an all-time high of 845 million on February 8, up more than 43% from a year ago. While this surge is a positive occurrence for the Bitcoin network because it increases its security and overall resistance to attack, miners now face more difficulty when producing blocks.

Bitcoin Hash Rate Hits ATH

The hash rate tells how difficult it is to mine a Bitcoin block by determining the estimated number of terahashes the network generates per second. This indicates how much computing power miners use to process transactions on the blockchain.

When the Bitcoin hashrate surges, mining new blocks becomes harder and more competitive, requiring more computing power and higher energy costs. The rise in hash rate also suggests that new miners are joining the network and/or existing entities are expanding their facilities.

Meanwhile, this surge in hash rate comes as the Bitcoin mining difficulty rises 5.61% over a week to 114.17 trillion. Data from CoinWarz shows that the Bitcoin mining difficulty, which adjusts every two weeks or 2,016 blocks, is currently at an all-time high. The latest spike occurred at block height 883,008, while the next adjustment is expected to be at 885,024 with an estimated 1.69%.

How Are Miners Coping?

Data from YCharts reveals that Bitcoin miner revenue per day has plunged a little, even amid the spikes in mining difficulty and hash rate. At the time of writing, Bitcoin mining revenue stood at $43.52 million, down 10.48% in the last 24 hours and 7.3% from a year ago. This means miners are not earning as much as they often do.

Bitcoin’s (BTC) current price also influences miners’ revenue. Due to several macroeconomic factors, the cryptocurrency has been struggling under $100,000 since the beginning of the month and has remained below $98,000 since Friday.

Low BTC prices and revenue could make it more difficult for miners to stay afloat and manage their operations properly.