Litecoin Mining Difficulty and Hash Rate Reach All Time Highs | ELEVENEWS
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Litecoin Mining Difficulty and Hash Rate Reach All Time Highs

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As the 2017 bull run began to lose steam and Litecoin’s value started to tumble, the altcoin’s mining difficulty curiously began to spike — more than tripling while LTC crashed by over 70 percent. Since May 2018, things have reversed in a big way.

After reaching its 2018 high, Litecoin (LTC) mining difficulty began to fall drastically — decreasing by half over the following six months while the altcoin crashed to below $25 for the first time in over a year. However, since the start of 2019, both Litecoin’s mining difficulty and its value have been on a significant uptick.

Currently, Litecoin is priced at around $127.50 and has quadrupled in value since the start of the year. Meanwhile, LTC mining difficulty has repeatedly broken its all-time high.

litecoin mining difficulty

Much of the growth appears to be related to Litecoin’s upcoming block reward halving, which will soon see miners rewarded just 12.5 LTC for each successfully mined block. Currently estimated to occur on August 06, 2019, speculators are likely stockpiling LTC in anticipation of a healthy profit.

The Litecoin hashrate has also seen tremendous growth this year, with the overall network hashrate now sitting at an all-time high of 407.8T. Similarly, the Litecoin difficulty is also at an all-time high of 13.57M — up more than 150 percent since the beginning of the year.

litecoin hash rate

While there are likely several reasons underlying the recent growth in both difficulty and hash rate, one of the biggest contributing factors appears to be the release of new mining hardware — such as Goldshell’s X6 miner, which is capable of churning out 1730Mh/s at 2,000W.

Another contributing factor reason behind the recent growth in Litecoin popularity could be the down to the upcoming charity lunch with Tron CEO Justin Sun and Business mogul Warren Buffett.

As a part of the winning $4.6 million winning bid, Sun is able to bring with him seven guests to the event. Sun has since extended the invitation to Litecoin founder Charlie Lee, who will then have the opportunity to evangelize Litecoin during the televised lunch. As of yet, however,  Lee doesn’t appear to have confirmed his attendance — though it is unlikely he would refuse such an opportunity.

Overall, this is seen as a positive development not only for Litecoin but for other altcoins as well — as increased awareness is usually correlated with increased demand and usage. With that said, it remains to be seen whether Litecoin’s gains will persist after the halving in two months or whether a correction is on the card.

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Litecoin (LTC/USD) forecast and analysis on June 26, 2019

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Cryptocurrency Litecoin (LTC/USD) is trading at 135.15. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates a bullish trend on Litecoin. At the moment, cryptocurrency quotes are moving near the middle border of the Bollinger Bands indicator.

Litecoin (LTC/USD) forecast and analysis on June 26, 2019

As part of the Litecoin course forecast, a test level of 132.50 is expected. Where can we expect an attempt to continue the growth of LTC/USD and the further development of the upward trend. The purpose of this movement is the area near the level of 152.10. The conservative area for buying of Litecoin is located near the lower border of the Bollinger Bands indicator strip at the level of 130.20.

Litecoin (LTC/USD) forecast and analysis on June 26, 2019

Cancellation of the option to continue the growth of the Litecoin exchange rate will be a breakdown of the lower limit of the Bollinger Bands indicator. As well as the moving average with a period of 55 and closing quotes pair below 128.50. This will indicate a change in the current trend in favor of the bearish for LTC/USD. In case of a breakdown of the upper border of the Bollinger Bands indicator bars, one should expect an acceleration of the fall of the cryptocurrency.

Litecoin (LTC/USD) forecast and analysis on June 26, 2019 implies a test level of 132.50. Further growth is expected to continue to the area above the level of 152.10. The conservative area for buying Litecoin is located area of 130.20. The cancellation of the cryptocurrency growth option will be the breakdown of the level of 128.50. In this case, we should expect the continuation of the fall.

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Litecoin (LTC/USD) forecast and analysis on June 25, 2019

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Cryptocurrency Litecoin (LTC/USD) is trading at 134.08. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates a bullish trend on Litecoin. At the moment, cryptocurrency quotes are moving near the lower border of the Bollinger Bands indicator bands.

Litecoin (LTC/USD) forecast and analysis on June 25, 2019

As part of the Litecoin course forecast, a test level of 130.50 is expected. Where can we expect an attempt to continue the growth of LTC/USD and the further development of the upward trend. The purpose of this movement is the area near the level of 148.20. The conservative area for buying of Litecoin is located near the lower border of the Bollinger Bands indicator strip at level 129.50.

Litecoin (LTC/USD) forecast and analysis on June 25, 2019

Cancellation of the option to continue the growth of the Litecoin exchange rate will be a breakdown of the lower limit of the Bollinger Bands indicator. As well as a moving average with a period of 55 and closing quotes pair below the area of ​​128.20. This will indicate a change in the current trend in favor of the bearish for LTC/USD. In case of a breakdown of the upper border of the Bollinger Bands indicator bars, one should expect an acceleration of the fall of the cryptocurrency.

Litecoin (LTC/USD) forecast and analysis on June 25, 2019 implies a test level of 130.50. Further growth is expected to continue to the area above the level of 148.20. The conservative area for buying Litecoin is located area of 129.50. The cancellation of the cryptocurrency growth option will be the breakdown of the level of 128.20. In this case, we should expect the continuation of the fall.

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LTC/USD bulls are struggling to break down $500

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LTC/USD bulls are struggling to break down $500

  • Litecoin price on Monday late in the second half of the session is trading in negative territory down some 1.25%.
  • LTC/USD bullish pennant pattern can be viewed via the daily chart. 
  • A wave of selling pressure was seen in the session on Sunday, after a key near-term ascending trend line break. 

Spot rate:                 

Relative change:      -0.25%

High:                        136.88

Low:                         133.42

LTC/USD 60-minute chart

  • The 60-minute chart view shows the price consolidating within a bearish pennant. The price may be exposed to some further downside before another push north. 

LTC/USD daily chart

  • Price action is moving within a bullish penannt structure, subject to a potential breakout. 

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