{"id":747802,"date":"2024-07-06T13:43:52","date_gmt":"2024-07-06T11:43:52","guid":{"rendered":"https:\/\/www.crypto-news-flash.com\/?p=747802"},"modified":"2024-07-06T13:43:52","modified_gmt":"2024-07-06T11:43:52","slug":"is-litecoin-ltc-headed-for-a-slump-miners-sell-off-hitting-lowest-reserves-since-2011","status":"publish","type":"post","link":"https:\/\/crypto-news-flash.com\/es\/is-litecoin-ltc-headed-for-a-slump-miners-sell-off-hitting-lowest-reserves-since-2011\/","title":{"rendered":"Is Litecoin (LTC) Headed for a Slump? Miners Sell Off, Hitting Lowest Reserves Since 2011"},"content":{"rendered":"<ul>\n<li><b>Litecoin (LTC) miner reserves drop to a multi-year low as it reaches 1.61 million LTC ($120 million), representing a 29% fall according to data.\u00a0<\/b><\/li>\n<\/ul>\n<ul>\n<li><b>In addition to this, there has been a significant uptick in the network\u2019s hashrate which is currently at its all-time high of 1.07k TH\/s.<\/b><\/li>\n<\/ul>\n<hr \/>\n<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/www.crypto-news-flash.com\/es\/que-es-litecoin-ltc-guia-para-principiantes-y-comparacion-con-bitcoin\/\" target=\"_blank\" rel=\"noopener\">Litecoin (LTC)<\/a> has experienced a considerable decline in the last seven and thirty days, losing 16% and 28% of its value within the respective periods to trade at $62. According to our data, its 24-hour trading volume has also declined significantly by 40%, as $389 million changed<\/span><span style=\"font-weight: 400;\">\u00a0hands at press time.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><div class=\"cryptoboxes\" id=\"mcw-435419\" data-realtime=\"on\"><div class=\"mcw-chart mcw-chart-light\" data-font = \"inherit\" data-coin = \"litecoin\" data-symbol = \"LTC\" data-currency = \"USD\" data-rate = \"1\" data-type = \"chart\" data-view = \"day\" data-theme = \"light\" data-smooth = \"true\" data-areacolor = \"\" data-bgcolor = \"\"><\/div><\/div><\/span><\/p>\n<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/cryptonewsbtc.org\/2024\/07\/04\/litecoin-ltc-miner-reserves-reach-13-year-low\/\" target=\"_blank\" rel=\"nofollow noopener\">To analysts<\/a>, the massive liquidation in the past few days is attributed to the intense bearish pressure that forced <a href=\"https:\/\/www.crypto-news-flash.com\/what-is-bitcoin-a-beginners-guide-to-the-worlds-popular-type-of-cryptocurrency\/\" target=\"_blank\" rel=\"noopener\">Bitcoin<\/a> below the $55k price mark.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Just in line with the price action, Litecoin miners have also been steadily selling off their coin holdings since March 28. At press time, only 1.61 million LTC ($120 million) was held in miner reserves, representing a 29% decline and marking the\u00a0lowest number of coins held across Litecoin mining pools since December 2011.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to our research, the Litecoin miner reserves measure the assets held in affiliated miners\u2019 wallets. Mathematically, a decline from the actual amount signifies the distribution of the coins for profit or to cover mining costs.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Based on our findings, the considerable drop in miner reserves is accompanied by an uptick in the network\u2019s hashrate which is currently at its all-time high of 1.07k TH\/s. For education, this represents a global Litecoin network <a href=\"https:\/\/www.crypto-news-flash.com\/es\/el-hashrate-de-litecoin-alcanza-su-maximo-historico-conducira-esto-a-una-explosion-masiva-del-precio-informe\/\" target=\"_blank\" rel=\"noopener\">hashrate<\/a> with a mining difficulty of 35.56 M at a block height of 2,715,496.\u00a0<\/span><\/p>\n<h3><strong>What The Network Activities Mean to the Ecosystem<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">Historically, an uptick in hashrate alongside a decline in miner reserves is attributed to two main reasons. Firstly, there could be an inflow of new miners who may promote their cash while established miners promote a bigger portion of theirs. Secondly, miners could be expecting a future price increase, and are holding a portion of their mined assets while selling some to cover their mining cost.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This is expected to put downward pressure on the LTC price in the short term. Prior to this bearish run, analyst World of Charts suggested that LTC could stage a breakout to hit $400 in the coming months.\u00a0<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400;\">Ltc Breakout &amp; Retest Has Already Confirmed Send It Towards 400$ Now\u2026<\/span>Breakout &amp; Retest Has Almost Completed Seems Like #Ltc Getting Ready For Solid Bullish Rally In Coming Weeks Send It Towards 400$.<\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">At that time, the analyst observed that the on-chain metrics like the MVRV ratio indicated a bullish sentiment, also suggesting that the asset was not yet overvalued.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Currently, the hourly price chart confirms that bulls are inducing buying pressure to offset the domination by bears, which could lead to a massive bullish reversal. Against the backdrop of the ongoing market sentiment, analysts believe that Litecoin could be a good selection for the long term and could likely hit $1000 in no time if it continues its robust activities and growth.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Litecoin (LTC) miner reserves drop to a multi-year low as it reaches 1.61 million LTC ($120 million), representing a 29% fall according to data.\u00a0 In addition to this, there has been a significant uptick in the network\u2019s hashrate which is currently at its all-time high of 1.07k TH\/s. Litecoin (LTC) has experienced a considerable decline<\/p>\n","protected":false},"author":44,"featured_media":464191,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[],"tags":[],"class_list":["post-747802","post","type-post","status-publish","format-standard","has-post-thumbnail"],"acf":[],"_links":{"self":[{"href":"https:\/\/crypto-news-flash.com\/es\/wp-json\/wp\/v2\/posts\/747802","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/crypto-news-flash.com\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-news-flash.com\/es\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-news-flash.com\/es\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-news-flash.com\/es\/wp-json\/wp\/v2\/comments?post=747802"}],"version-history":[{"count":0,"href":"https:\/\/crypto-news-flash.com\/es\/wp-json\/wp\/v2\/posts\/747802\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-news-flash.com\/es\/wp-json\/wp\/v2\/media\/464191"}],"wp:attachment":[{"href":"https:\/\/crypto-news-flash.com\/es\/wp-json\/wp\/v2\/media?parent=747802"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-news-flash.com\/es\/wp-json\/wp\/v2\/categories?post=747802"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-news-flash.com\/es\/wp-json\/wp\/v2\/tags?post=747802"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}