Litecoin New Update Not Sufficient To Keep Miners Going – Here's Why

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.

Timeline of Litecoin

Shiba inu started the week trading marginally higher, despite cryptocurrencies mostly consolidating on Feb. 27. At the time of writing, the global market cap is currently up 0.83%, as volatility has intensified. Litecoin also rebounded on Monday, hitting a four-day high.

Litecoin foundation makes headlines after striking a major partnership with Metalpha Technology Holding Ltd.  The partnership will help Litecoin reduce its carbon emissions and decrease the environmental impact of its mining activities, amongst other things.

The latest Litecoin price analysis is a negative one as the coin is trading near its support level of $90.83. As of now, LTC/USD is currently trading at $91.63 and bears have been able to take control of the market as they are attempting to push prices lower than the current level.

Litecoin News: Amid Bitcoin's (BTC) six month high price and speculation for a potential altcoin rally, the crypto market is also going through the regulatory hurdles especially in the US. However, the surprise crypto rally in January 2023 showed that the traders defied the odds coming from the FTX collapse and related ripple effects.

Litecoin (LTC) has peaked to a new all-time high. Litecoin, with over 950,000 followers, happily announced via Twitter that Litecoin's hashrate surpassed 887 TH/s on February 15, 2023, spotted at block 2,423,170.

The litecoin price has dropped by 5% in the past 24 hours, falling to $96.29 after it rose above $100 yesterday. This current level means that it has gained by 7% in a fortnight and by 17.5% in the last 30 days, pushed up by the Litecoin Foundation's announcement that its Mastercard-powered Litecoin Card will be launching in Europe.

Litecoin price has been trading within an ascending trendline over the past couple of weeks; currently, the coin has broken out of the trendline but has maintained bullish momentum. Over the last 24 hours, LTC has depicted little price movement.

Litecoin price analysis has been on a bearish trend recently, and the prices have dropped to $96.88. The digital asset started the day trading at around $99.87 and fell for most of the day before settling at its current price level.

Litecoin's [LTC] value increased by over 40% in January 2023, rising from $68 to $102. However, a short-term price consolidation in the past few days has seen the asset lose some value.

The price of Litecoin ($LTC) has surged nearly 90% since early November, with the movement seemingly being supported by so-called Litecoin ‘sharks,' or large addresses that have been heavily accumulating the cryptocurrency.