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

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Litecoin: Despite new update, LTC struggles to hold miner interest
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  • 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 0.21.2.2, 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. 

Coinwarz

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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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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