• Wed. Jun 19th, 2024

Litecoin’s (LTC) Full State Since MimbleWimble Upgrade



Sep 26, 2022

Litecoin, the crypto project behind the fabled MimbleWimble upgrade, recently had its hashrate hitting an ATH (all-time high). According to OKLink’s data, the altcoin hit 511.56 TH/s hashrate ATH on September 22.

Meanwhile, LTC has seen price declines since summer, losing approximately 87% from its all-time high. Moreover, the alt has dropped over 64% since 2022 started.

The previous 24 days have seen bulls and bears fighting for dominance, pushing Litecoin’s price to hit lows and highs on the price charts. While publishing this post, the alt traded at $54.21.

What About Previous 24 Days?

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Litecoun opened September with an impressive outlook after a 9% slump that forced an August closing at $54.38. The optimism saw LTC gaining 12% within September’s initial six days. The altcoin explored the $61.93 local peak as of September 6.

Nevertheless, the altcoin could not sustain this uptick as profit-booking and sell-offs triggered price dips 24 hours later.

Meanwhile, the following six days experienced a substantial bull run as the altcoin attempted recoveries. The upside dedication had LTC regaining the $66 mark as of September 13.

However, bears dominated to lower the token, pushing LTC towards price levels on September 1. The downward trend printed a declining wedge on the 24-hour chart, one which Litecoin breached in an upside direction.

Litecoin experienced high selling pressure during this publication as vital indicators stayed under the neutral regions.

On-Chain Assessment

Santiment’s data shows addresses that traded Litecoin since early this month have plunged steadily. While writing these lines, LTC’s daily active wallets hovered at 212,000, declining by 34% within the previous 24 days.

Considering the dip in wallets that interacted with the altcoin daily, LTC’s total transfers this month have slumped by 46%. That showed a decline worth $3.55B to $2.04B within a month.

Meanwhile, the al has seen surging whale transactions worth $100,000 since September 1. Also, Santiment shows that for transfers beyond $100,000 – the lowest daily figure appeared on September 11, at 681 transactions.

Moreover, whale transactions beyond 41 million have seen a declining metric since the September 12 daily high at 616 transactions. Surprisingly, the previous 24 days saw Litecoin’s circulating percentage by whale dropping from early September at 43,05% to 42.76%.

LTC Post-MimbleWimble

Litecoin launched the MimbleWimble on May 19, an update that allows clients to complete confidential transactions within the Litecoin Network. However, the upgrade has seen multiple unfortunate events.

For instance, five crypto exchanges in South Korea (Upbit, Gopax, Korbit, Coinone, and Bithumb) delisted LTC some weeks following the MW implementation, citing regulatory worries with the update.

Also, Binance confirmed withdrawing its support for LTC withdrawals and deposits that utilized the MimbleWimble feature. That had LTC losing 18% since the upgrade.


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