- While hashrate increased, LTC mining difficulty decreased.
- The price of LTC rose more than 4% last week and the stats looked bullish.
The popularity of Ordinals seems to have grown at a steady pace as the stats continued to break new records. According to the latest tweet from the Litecoin Foundation, Litecoin [LTC] Ordinals had exceeded 3 million inscriptions. In addition, Litecoin averaged about one million subscriptions per week in May.
Litecoin Ordinals Just Reached 3 Million Enrollments!
We average about a million a week in the month of May. #LTC20 $LTC #Ordinals #mondaymotivation pic.twitter.com/JCpcq18uud
— Litecoin Foundation ⚡️ (@LTCFoundation) May 22, 2023
Read Litecoins [LTC] Price prediction 2023-24
Litecoin mining industry is growing
Since the launch of Ordinals, Bitcoin’s [BTC] hash rate rose. The same trend was also true for Litecoin, as evidenced by the rise in its hashrate over the past few months, which stood at 724,338 Tash/s at the time of writing.
However, it was interesting to note that despite the increase in hashrate, the mining difficulty of LTC has turned down recently. In addition, after a short dip, LTC Miner fees also saw an increase, according to Glassnode’s Graphs.
Source: Bitinfocharts
LTC’s performance on the price front has also been noteworthy lately. According to CoinMarketCap, the price of the token is up 4% in the past seven days. At the time of writing, it was trading at $92.53, with a market cap of over $6.7 billion.
Aside from the growth in Ordinals, another major factor driving this pump could be the upcoming Litecoin halving which is set to take place in two months. Historically, halving has been followed by price pumps. A further price increase cannot therefore be ruled out.
Investors have confidence in LTC
A look at LTC’s on-chain stats suggested that positive sentiment around the coin was dominant in the market. LTC‘s weighted sentiment spiked lately, proving the aforementioned point. Moreover, the social dominance of the token was also high, reflecting its popularity in the crypto space.
Source: Sentiment
Realistic or not, here it is LTC market cap in terms of BTC
On-chain performance looks bullish
A few stats also supported the possibility of a price hike. Thus, the number of whale transactions from LTC remained high. This suggested that LTC was a preferred sign of the whales. Daily active addresses were high. Moreover, LTCThe speed also increased, indicating that the token was used more often in transactions within a given time frame.
LTC demand in the futures market was also stable, as evidenced by Binance’s green funding rate.
Source: Sentiment
