![Litecoin [LTC] shows signs of recovery, can this be the reason](https://i.headtopics.com/images/2023/3/15/cryptoamb/litecoin-ltc-shows-signs-of-recovery-can-this-be-t-litecoin-ltc-shows-signs-of-recovery-can-this-be-t-1635892332804427779.webp)
LTC’s difficulty and hashrate increased, suggesting an increased number of miners. TVL went up while on-chain performance looked bullish. On 13 March, the Litecoin Foundation revealed that Litecoin’s [LTC] mining difficulty had reached a new all-time high. As its difficulty increased, Coinwarz’s chart pointed out that the network’s hashrate also registered an uptick over the […]
The surge in hashrate indicated an influx of new miners on the network. A possible reason for the new influx could be LTC’s recent price action, which favored the bulls. As per
, LTC’s price increased by 4.46% in the last 24 hours, and at the time of writing, it was trading at $80.00 with a market capitalization of 5.7 billion.Apart from LTC’s rising value, another reason for the increasing hashrate could be the newly supported Litecoin Ordinals. Ordinals were initially launched on
blockchain. However, Litecoin started supporting these NFTs during the concluding weeks of February. Since its launch, Ordinals have come a long way, crossing the 200,000 milestone last week.LTC’s network value witnessed a steep decline over the last week as its Total Value Locked went down. However, in a spot of good news, according to DeFiLlama, LTC’s TVL was showing signs of recovery.
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