/Litecoin (LTC) Miner Enthusiasm Fades Out Despite Recent Upgrade

Litecoin (LTC) Miner Enthusiasm Fades Out Despite Recent Upgrade

Litecoin (LTC) released a new network upgrade Friday – the Litecoin Core – designed to impress investors. The official announcement regarding this new minor version release highlighted a critical security update affecting prior versions of the platform, as well as improved node and network securities for the benefit of users.

According to a Twitter post by LinkedIn Foundation, over 20,000 Litecoin inscriptions are done on the network in a span of three days. 

LTC Recent Update Intended To Boost Network Security

The Litecoin network recently released a security update that was intended to ensure that all nodes running on the network remain secure and up-to-date. This is mission-critical step for the cryptocurrency as it looks to become more widely adopted.

The update, known as “Litecoin Core 0.17.1”, has been designed to help mitigate any potential vulnerabilities in the Litecoin network by ensuring that all nodes on the network are running on the same version of its code.

The Litecoin (LTC) network recently underwent a major update with the activation of the MimbleWimble privacy protocol. This upgrade was expected to increase the scalability, privacy, and fungibility of the asset, while also improving its overall security. As the protocol went live, LTC’s mining space witnessed growth.

The LTC mining market expanded once the update was released. The total number of blocks mined by the LTC network increased somewhat. In most cases, more miners joining the network cause a rise in hashrate.

Source: TradingView

On March 3, 2023, enthusiasm from the derivatives market waned along with LTC’s DyDx financing rate. The recent uptick in LTC metrics has also represented a loss of investor trust, which has added to the negative perceptions of the asset.

Litecoin (LTC) Bears Stepped In?

The daily chart of LTC showed that the bears had stepped in and were pushing the coin’s price lower. The Relative Strength Index (RSI) was quickly heading toward the neutral zone, while the Chaikin Money Flow (CMF) had decreased. 

LTC total market cap at $6.5 billion on the weekend chart | Chart: TradingView.com

Meanwhile, Litecoin’s price is up 1.30%, or $90.02 on CoinMarketCap at the time of writing. While the price of LTC has risen dramatically this year, the mining sector surrounding it still has to make some major progress in terms of profits.

-Featured image from Capital Research

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