• Litecoin released a network upgrade called Litecoin Core 0.21.2.2 on March 2 to improve network security and fix critical issues affecting nodes.
• LTC’s price recorded an intraday high of $70 and an intraday low of $67.79 on January 1, followed by positive price movements pushing its price up to $101 on February 2.
• Despite the update, miners’ interest in the coin has dropped due to a 7% drop in 24 hours and bearish chart indicators such as RSI, CMF, Bollinger Bands, and MACD indicating more bear runs in the coming days.
Litecoin Network Upgrade
One of the ways to increase investors’ interest in crypto is network improvement. Developers of cryptocurrencies usually come up with improvement proposals to make the network efficient, accommodating the needs of the users and fixing issues hindering seamless transactions. In a recent development, Litecoin released a network upgrade to improve its network security and fix critical issues affecting nodes. The Litecoin Foundation announced the update named Litecoin Core 0.21.2.2 on March 2 and shared the information on Twitter.
Price Spike & Miners Interest
But it seems the update is insufficient to keep miners’ interest in the network high, given the drop in LTC price. LTC ended 2022 at $68 which then increased to an intraday high of $70 and an intraday low of $67.79 on January 1st followed by positive price movements pushing its price up to $101 on February 2nd before trading between $80 -$100 from February 3rd until March 3rd when it currently trades at around $89 with a 48% decrease in trading volume indicating slow activities with coinminers potentially losing interest due to recent drops in prices coupled with bearish chart indicators such as RSI, CMF, Bollinger Bands & MACD pointing towards further bear runs in coming days ahead despite mining activity having increased slightly since release of new core upgrade version 021-22-2 .
CoinWarz Data
Coinwarz’s data shows that the network hashrate recorded a slight uptick, suggesting new miners rushed in after this upgrade was released but their enthusiasm may be waning since prices have been dropping steadily again over past few weeks or so following initial spike upwards after release of new core version 021-22-2 .
Conclusion
Despite Litecoins recent updates attempting to increase mining activity & attract more investors there are still signs that indicate prices may continue falling again over next few days or so indicating miner’s enthusiasm for this cryptocurrency may be waning once again despite initial spike upwards following integration of new core upgrade . It remains unclear what effect this will have long term but for now it appears that more bear runs can be expected for near future at least .
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