The cryptocurrency market, at the moment, is in the middle of a rollercoaster ride, causing prices to fluctuate significantly after a bullish hike lifted the industry’s value and the collective market cap.
The market change further resulted in other factors of the market shifting for the better, with mining difficulty being one key example. Recent analyses had shown that there were more miners mining Litecoin [LTC] at the moment than when the cryptocurrency peaked during the end of 2017. The reason why an increase in difficulty is good for the fifth largest cryptocurrency is that it implies an increase in Litecoin’s network security.
LTC’s mining reward was at 12,991,940 and the number only seemed to be growing, with a 1.85 percent 24-hour hike, at press time. Litecoin’s mining profitability was at $3.9377 USD per day for 1 GHash/s, a rate consistent with the growing difficulty.
The Charlie Lee-founded cryptocurrency had a good market run during May, but June saw some hiccups in the LTC price ecosystem. The cryptocurrency’s price took a hit on the 24-hour spectrum after its value fell by 9.6 percent to trade at $103.89, at press time. The total market cap for the cryptocurrency was holding at $6.3 billion, with a 24-hour market volume of $4.03 billion.
Litecoin was also in the news recently after Kraken announced support for all bech32 formats for LTC withdrawals. The cryptocurrency exchange tweeted,“Kraken Litecoin (LTC) withdrawals now support all address formats – Bech32 (native SegWit starting with “ltc1”), M (P2SH starting with “M”), and L (non-P2SH starting with “L”). Existing addresses aren’t affected, only new addresses will need to use the new formats.”