Litecoin Mining Hashrate Hit All Time High-Litecoin (LTC) Price Prediction

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.

According to cryptoslate.com ; the Litecoin mining hashrate has hit an all-time high just shortly after the long-anticipated Litecoin halving event. 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 Price Prediction 2019

Litecoin (LTC) Price Today – LTC / USD

Name Price
litecoin
Litecoin
$71.83-4.05%

The Litecoin prediction 2019 is still positive. The digital silver is expected to maintain an upward move throughout the year. 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.

Litecoin Halving Bearish or Bullish

PARIS, FRANCE – JANUARY 08: In this photo illustration, a visual representation of the digital Cryptocurrency, Litecoin is displayed on January 08, 2018 in Paris, France. Litecoin was created in 2011 by Charlie Lee, a former Google and former director of engineering at Coinbase. Litecoin is an electronic currency inspired by Bitcoin that has experienced an incredible surge of more than 7000% in 2017. Cryptocurrencies including Bitcoin, Ethereum, Ripple and Litetcoin have seen unprecedented growth in 2017, despite remaining extremely volatile. (Photo by Chesnot/Getty Images)

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 and the investors and miners have new found confidence in Litecoin and the Litecoin price prediction 2019.

However, even as Litecoin rises higher on the news of the having, there is talk that it could actually spell a bearish trend for LTC when it happens, and spark a bullish trend for BTC, according to the Utoday.

The reason that halvings have an effect on price is they remind people of scarcity, but well known crypto commentator Tone Vays sees things differently with Litecoin.

“In the case of Litecoin, the scarcity is not a major factor because Litecoin is unsecured inflation on top of Bitcoin.”

He went on to add that Litecoin also is in a more competitive market compared to the dominant Bitcoin. The Litecoin halving should remind the industry that the value in mining Litecoin is shrinking even more in the current market.

On the contrary, he believes that the Bitcoin halving will create opportunities for miners to find more valuable Bitcoins. In his words;

“Litecoin is easily replaceable, so investing a lot of money in Litecoin mining infrastructure only to watch Litecoin disappear in the halving is a problem. Hence, halving is a major problem for Altcoins but, not necessarily for Bitcoin,”

Bitcoin Halving Approaching

Bitcoin is set to have its own halving moment in 2020, but before that, with Litecoin primed to have its time first, it will be interesting if the old adage of ‘buy the rumour, sell the news’ comes true.

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Carolyn Coley is a blockchain reporter. She joined Smartereum after graduating from UC Berkeley in 2018.

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