• Litecoin released a network upgrade, named Litecoin Core 0.21.2.2, to improve its network security and fix critical issues affecting nodes.
• The update encouraged miners to join the network but the LTC price dropped 7% in 24 hours, scaring investors away.
• Chart indicators also showed bearish movements in the market, indicating more bear runs in the coming days.
Litecoin Network Upgrade
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. In a recent development, Litecoin released a network upgrade to improve its network security and fix critical issues affecting nodes. The Litecoin Foundation announced the update named Litecoin Core 0.21.2.2 on March 2 and shared the information on Twitter.
Encouragement for Miners
But it seems the update is insufficient to keep miners’ interest in the network high, given the drop in LTC price. Coinwarz’s data shows that despite this, there was still an uptick in LTC mining hashrate due to new miners entering following encouragement from this upgrade announcement..
Price Drop Discourages Investors
At press time, LTC trades at $89, indicating a slight loss in 24 hours. But its trading volume is down by 48