Litecoin [LTC] has recently experienced a rise in its mining difficulty and hash rate. Given these increases in mining metrics, is there any corresponding impact on miner fees?
Litecoin sees an increase in mining stats
As per a Litecoin post, the network’s hash rate and difficulty have recently increased. A closer examination of the hash rate showed that by the conclusion of 28th February, it exceeded 978 trillion. Before this, the hash rate had been reaching unprecedented levels.
Litecoin miner fee yet to measure up to rate increase
Despite the observed increase in the hash rate, miners have yet to experience a substantial rise in their fees. An analysis of the fee trend on Glassnode revealed that the miner fee sharply declined in January, dropping from over 32 in December to around 11.4.
Although there have been attempts at recovery, it has not surpassed 14.3. As of the current update, the miner fee stands at over 13.8.
This suggests a decrease in the volume of transactions on the network that typically drives fee increases. Additionally, LTC’s price trend could be a significant factor. Nevertheless, there has been a recent surge in the price of LTC.
LTC 24-hour value shoots up
Over the last three days, Litecoin has experienced substantial upward trends, resulting in a gain of over 6% and concluding trading at about $74 by the end of 28th February.
However, at the time of this writing, it was trading with a more pronounced increase, surpassing 9% at almost $82. This marks the first time since August 2023 that LTC has reached this trading position.
Additionally, it represents the first time in over seven months that it has witnessed a 9% rise in a single trading session.
Furthermore, this surge has propelled Litecoin into the overbought territory for the first time in nearly three months.
At the time of this writing, its Relative Strength Index (RSI) was close to 80. This RSI position showed that LTC was currently in a bullish trend.
Source : AMBCrypto by Adewale Olarinde / Mar 1, 2024