The project behind the infamous MimbleWimble upgrade, Litecoin [LTC] It recently saw the hash rate hit a new all-time high (ATH). According to OKLink data, the ATH hash rate was recorded at 511.56 TH/s on September 22nd.
Trading at a price level that was 87% of ATH, LTC price at press time was representative of the decline seen since last summer. On an annual basis, the price of LTC is down 64% since the beginning of the year.
The past 24 days have been marked by a battle between bears and bulls, as LTC price has seen some highs and lows on the charts. At the time of writing, the altcoin is trading at $54.21.
How were the last 24 days?
After a 9% pullback that forced LTC to close in August at $54.38, September started on a positive note with the alt price rapidly rising by 12% in the first six days. On September 6, LTC was at a local high of $61.93.
However, this uptrend could not continue as selling and profit taking brought the price lower after 24 hours. The six days that followed were marked by a big bull race as they tried to come back. On September 13, LTC reclaimed the $66 price level.
After reappearing to force a downtrend, the bears took control and forced the price back to the September 1 level. The downtrend has formed a bearish wedge on the daily chart, which has been breached by the 23rd largest cryptocurrency in an uptrend.
With major indices positioned below their own neutral areas, selling pressure on LTC remains elevated at the time of writing.
Rating in the series
According to the information received from feelingsThe index of addresses that LTC traded with since the start of the month has been steadily declining. At press time, the number of daily active addresses on the LTC network is 212,000, down 34% over the past 24 days.
With the number of addresses trading the coin dropping daily, the total number of LTC coins in all transactions completed so far this month has also fallen by 46%. In dollar terms, that was a drop of $3.55 billion to $2.04 billion in less than a month.
Since the beginning of the month, LTC has seen options trades above $100,000, and Santiment also revealed that for transactions above $100,000, the lowest daily number recorded by LTC during the period under review was 681 trades on September 11th.
For electoral transactions over $1 million, since a daily high of 616 transactions on Sept. 12, that metric has been declining.
Interestingly, over the past 24 days, the proportion of circulating LTC supply held by whales has fallen to 42.76% from 43.05% when they started the month.
Litecoin after MimbleWimble
On May 19, Litecoin published the MimbleWimble upgrade – a feature that allows users to conduct secret transactions on the Litecoin network.
However, the upgrade was followed by a series of unfortunate events. A few weeks into the implementation, five South Korean cryptocurrency exchanges, Upbit, Bithumb, Coinone, Korbit and Gopax, have removed LTC from the list due to regulatory issues related to the upgrade.
Binance, also on June 13 most dangerous Withdrew its support for deposits and withdrawals of LTC coins using the MimbleWimble feature.
It is worth noting here that since the upgrade, LTC is down 18% on the charts.