Litecoin was nicknamed the digital silver for good reason. However, last year, when the price of Litecoin fell significantly, many people lost faith in Litecoin and wondered; will Litecoin recover? From December, the Litecoin price prediction 2019 suddenly became bullish after the price of Litecoin hit a low of $20. It started moving higher slowly along with the total Litecoin trading volume and the Litecoin mining hashrate. Now, the Litecoin mining hashrate has hit an all-time high just shortly after the long-anticipated Litecoin halving event. This rise in Litecoin mining hashrate as seen on Litecoin.com and as reported by cryptoslate.com shows that the investors and miners have new found confidence in Litecoin and the Litecoin price prediction 2019.
Litecoin Price Prediction 2019 – Litecoin News – Litecoin Halving – Litecoin Mining Hashrate Reaches Record High
Just like Bitcoin, Litecoin is produced through a process called mining. The hashrate is the computational power that is used for the Litecoin mining process. So, an increase in Litecoin mining hashrate is often equal to an increase in the mining activity. When prices fall, miners stop making mining profit. However, when they rise, or there is a reason to believe that the prices will rise, they increase their mining efficiency and put more effort into mining. It is normally a strong show of confidence.
On the 8th of April, the mining hashrate for Litecoin hit 359 terahash. Considering the fact that the price of Litecoin is up by 160% from its all-time low, it’s not a surprise that Litecoin miners have more interest in the Litecoin price prediction 2019. Litecoin is one of the best performance even if it was one of the biggest losses during the cryptocurrency winter.
It’s true that the spike in the Litecoin mining hashrate typically means that miners are becoming more interested in the token due to its excellent performance. However, some have argued that the Litecoin mining hashrate may be increasing due to the use of more efficient Litecoin mining hardware. This is in line with what Franklyn Richards one of the Litecoin development team members said;
“Another potential explanation for the recent rise, besides price, may be more efficient mining hardware being issued /used. If this were the case we are not expressly aware of it.”
Litecoin News Today – Litecoin Mining Hashrate And The Current Price of Litecoin
At the time of writing, the current price of Litecoin was $80.83. This shows that it is up by 2.99% against the USD and up by 1.83% against BTC. The 24-hour trading volume is $2,569,880,152 and the market capitalization is $4,958,818,274. The Litecoin prediction 2019 is still positive. The digital silver is expected to maintain an upward move throughout the year.
Litecoin (LTC) Price Today – LTC / USD
The activities within the Litecoin development community as well as the general trend in the cryptocurrency market are key factors that influence the price of LTC and the Litecoin prediction 2019. If the roadmap by the Litecoin development team is followed accordingly, the increase in price and hashrate will continue indefinitely. This doesn’t mean the price of Litecoin will not meet resistances along the way.
What do you think about the Litecoin price prediction 2019 in the Litecoin news today? Will the upward momentum continue? Share your thoughts in the comment section.