LTC’s Bull Run Will Have to Wait, Investors
Investors excitedly anticipating Litecoin’s [LTC] next bull run may need to practice some patience. The world’s biggest PoW blockchain may benefit from a new bill that has been put out.
Equitable Conditions for Miners
If the legislation is approved, it will prevent energy providers in Montana from charging different rates for various kinds of digital asset mining operations, ensuring a level playing field for all miners. The measure also forbids taxes on the use of cryptocurrencies as a payment mechanism, including Litecoin.
Acceptance of Litecoin
With the largest cryptocurrency payment processor in the world, Litecoin has lately been acknowledged as the second most transacted currency behind Bitcoin [BTC]. The adoption of Litecoin may rise more as a result of this new bill.
Litecoin Network Sees a Rise in Miners
Following the passage of the legislation, the hashrate of Litecoin sharply increased, indicating an infusion of new miners onto the network. Despite the increase in hashrate, the mining difficulty of LTC decreased marginally, and its value was 23.72 million.
LTC Price Movement
Despite LTC’s price movement not being as active as anticipated, several network indicators were promising. In the previous week, there were more daily active addresses, which suggests that there are more users on the network. In the network’s favor, its velocity also increased after initially dropping. The altcoin’s MVRV Ratio, meanwhile, has sharply dropped, pointing to a gloomy prognosis in the near term.
Investors need to be prepared for slow days.
The daily chart for LTC displays a balanced market, indicating that investors may need to wait a long before seeing really violent price changes. A breakout in either direction seemed less likely because LTC’s price was in a tight area and the Relative Strength Index (RSI) and Money Flow Index (MFI) were both circling close to the neutral line. On Balance Volume (OBV) for LTC was comparatively increased, which was encouraging.