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Litecoin miners may have reason to celebrate, but can LTC holders say the same

14 Nov, 20222 min readMining
Litecoin miners may have reason to celebrate, but can LTC holders say the same
  • Litecoin’s hash rate improves, miner fees continue to grow
  • Market cap dominance continues to improve
  • Even though Bitcoin miners continue to suffer from FUD, the same couldn’t be said for Litecoin [LTC] as it witnessed an improvement. According to a recent tweet made by Litecoin on 13 November, its hash rate was at 535.6 TH/s.

    The current Litecoin Hashrate: 535.65 TH/s— Litecoin (@litecoin) November 13, 2022

    Read Litecoin’s [LTC] Price Prediction 2022-2023

    Let there be “LITE”

    An increasing hashrate would imply that the Litecoin network would be more secure and stable. Furthermore, another positive for Litecoin miners would be the increasing transaction fees being generated by them. As can be seen from the image below, the transaction fees being generated by miners increased over the past month.

    Along with increasing fees being collected, Litecoin also provided a 32% profit ratio per day.

    What else is new with LTC?

    As can be seen from the image below, Litecoin’s daily active addresses witnessed a massive depreciation over the past month. Along with this, Litecoin’s velocity also decreased. This indicated that the average number of times that Litecoin changed wallets had decreased over the last few days.

    This decline in activity and velocity could have been caused by Litecoin’s depleting social engagements and social mentions.

    According to data provided by LunarCrush, the number of social mentions for Litecoin depreciated by 64.3%, and its engagements declined by 56.7% over the last week. LTC’s weighted sentiment also saw a lot of volatility over the past month.

    At the beginning of the month, sentiment towards LTC had been overwhelmingly positive, as evidenced by the spikes in the chart below. However, it continued to decline thereafter and kept fluctuating. At the time of writing, Litecoin’s weighted sentiment was 0.04, implying that the crypto community was slightly favoring the coin.

    Unlike its declining sentiment, Litecoin’s marketcap increased massively over the past few weeks. As can be seen from the image below, Litecoin capitalized on the current FUD in the crypto market and acquired some market share. At press time, Litecoin had captured 0.47% of the overall crypto market.

    Despite gaining some marketcap dominance, Litecoin’s prices continued to fall.

    Litecoin was trading at $57.57 at the time of writing and its price had depreciated by 0.26% in the last 24 hours. However, its volume continued to increase and appreciated by 23.13% during the same time period.

    Source

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