Litecoin's hash rate has surged during the latest bullish phase, but the price has underperformed. Top LTC whales have been selling off their holdings, contributing to the lack of demand.
Litecoin bulls may have failed to yield a strong run but the network still managed to achieve a win somewhere else. It turns out that the latest bullish phase triggered a surge in Litecoin’s hash ratemaximalists hoping for a recovery during the latest rally are somewhat disappointed. October is about to come to its conclusion after an impressive two weeks but LTC underperformed.Like most top cryptocurrencies, Litecoin entered a low liquidity zone between August and October.
It turns out that LTC top whales have been subduing the bulls by contributing a significant amount of sell pressure during the bullish phase. As a result, some of the demand was watered down.Addresses holding between 100,000 and 10 million LTC have been offloading some of their holdings. These whales currently control roughly 45% of LTC’s circulating supply.that we saw in the last 2 weeks is now dying down.
This may have encouraged more miner participation and underscores the network’s ability to adjust to dynamic demand and supply conditions in the market.Michael is a full-time journalist at AMBCrypto. He has 5 years of experience in finance and forex and more than two years as a writer in the crypto and blockchain segments. Michael's writing at AMBCrypto is primarily focused on cryptocurrency market news and technical analysis. His interests include motorcycles and exotic cars.
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