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Litecoin: Despite new update, LTC struggles to hold miner interest



Litecoin: Despite new update, LTC struggles to hold miner interest
Source: Unsplash
  • After the relief of a new update, LTC’s hashrate registered an uptick.
  • LTC’s chart was painted red, as indicators looked bearish.

On 2 March 2023, Litecoin [LTC] released a new network upgrade named Litecoin Core, which, according to the official announcement, was a new minor version release. The new release included an important security update affecting prior versions. The release further contained fixes that hardened node and network securities. 

Read Litecoin’s [LTC] Price Prediction 2023-24

Mining activity on Litecoin increased

While the update was pushed, LTC’s mining space witnessed growth. As per Coinwarz’s data, LTC’s network hashrate registered a slight uptick. An increase in hashrate generally suggests an influx of new miners into the network.

It was interesting to note that since the beginning of this year, LTC’s mining industry has flourished as its price has gone up considerably. However, miners’ interest might end soon as LTC’s price plummeted, suggesting less profits. 


Bears push LTC’s price down 

Additionally, as per CoinMarketCap, LTC’s price declined by over 7% in just 24 hours alone, raising alarm in the crypto space. At press time, it was trading at $89.12 with a market capitalization of over $6.45 billion. LTC’s daily chart suggested that the bears had entered the market and were driving the coin’s price down.

For example, LTC’s relative Strength Index (RSI) was headed further below the neutral mark. The Chaikin Money Flow (CMF) also registered a downtick. LTC’s price touched the lower end of the Bollinger Bands, suggesting that the coin’s price was about to enter a high volatility zone. The MACD’s data revealed a bearish edge in the market, further increasing the chances of a continued downtrend in the coming days.

Source: TradingView

How much are 1,10,100 LTCs worth today? 

More factors to worry about

Like LTC’s daily chart, the blockchain’s performance on the metrics front also looked concerning. LTC’s price decline was accompanied by a massive surge in volume, which legitimizes the downtrend. Thanks to the price plummet, LTC’s daily on-chain transaction volume in profit also registered a decline.

Demand from the derivatives market also decreased as LTC’s DyDx funding rate declined sharply on 3 March. On top of that, negative sentiments around LTC raised concerns as the metrics spiked lately, which reflected the declining investor confidence. 

Source: Santiment

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Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot's writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S - There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

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