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.
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.
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.
Litecoin Takes a Blow of 2.63% and Falls to $73 Overnight
- Litecoin falls by 2.63% over the last 24 hours to touch 73 USD.
- The next support for LTC may come at 71 USD.
Litecoin (LTC) has been reeling under the last day’s pressure and has already lost 2.63% over the last 24 hours. The value of LTC against USD has fallen to 73 USD from 79 USD. It has shown four major price swings in this period.
LTC to USD Price Analysis:
The first variation of LTC happened between 00:29 and 07:53 UTC and this swing added 2.47 USD and placed it at 76.72 USD. The second variation started at 12:04 UTC when it strengthened over the next 4 hours and 56 minutes, it grew by 5.24 USD to be placed at 79.94 USD, marking the highest point for the day. However, the value could not be sustained at such a high figure and later took a downward path to 72.79 USD having a break at 79.06 USD. The last variation of LTC started at 03:06 UTC and in the next 2 hours and 2 minutes, it could lift the value to 73.35 USD.
Litecoin Price Prediction:
Litecoin’s latest fall has taken it far away from its target figure of 100 USD. However, this fall may not push it for long. It may take some time but a price rally seems imminent before 2020 sets in. In the next few days, it may find the support of 71 USD.
|Litecoin (LTC)||Resistance and Support levels|
|1st Support Level||$74.86|
|2nd Support Level||$71.75|
|3rd Support Level||$69.35|
Litecoin (LTC/USD) forecast and analysis on September 19, 2019
Cryptocurrency Litecoin (LTC/USD) is trading at 75.93. 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 upper border of the Bollinger Bands indicator stripes.
Litecoin (LTC/USD) forecast and analysis on September 19, 2019
As part of the Litecoin course forecast, a test of level 74.10 is expected. Where should 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 81.50. The conservative Litecoin buying area is located near the lower border of the Bollinger Bands indicator strip at 68.20.
Cancellation of the option to continue the growth of the Litecoin exchange rate will be a breakdown of the lower boundary of the Bollinger Bands indicator strip. As well as the moving average with a period of 55 and closing of quotations of the pair below the area of 67.20. This will indicate a change in the current trend in favor of the bearish for LTC/USD. In case of breakdown of the upper border of the Bollinger Bands indicator bands, we should expect acceleration of the cryptocurrency fall.
Litecoin (LTC/USD) forecast and analysis on September 19, 2019 implies a test level of 74.10. Further growth is expected to continue to the area above the level of 81.50. The conservative area for buying Litecoin is located area of 68.20. The cancellation of the cryptocurrency growth option will be the breakdown of the level of 67.20. In this case, we should expect the continuation of the fall.
Litecoin Chooses Celsius Network as Crypto Interest Wallet
The Litecoin Foundation has reportedly selected the wallet of crypto lending platform Celsius Network to allocate a portion of its funds.
Litecoin will deposit a part of its treasury in the Celsius Network wallet in order to generate interest. This will allow the Foundation to give Litecoin (LTC) owners up to 10.53% back on their crypto holdings annually or enable users to use LTC as collateral to receive dollar loans at rates of 4.95%.
Celsius Network CEO Alex Mashinsky has stated in an interview that Litecoin’ decision to choose their interest wallet proves the legitimacy of their platform.
“Litecoin being the first foundation to work with us and endorse us is a real milestone. It’s a huge event. That’s the first time I can say that the general community is recognizing Celsius for the utility it provides.”- said the CEO.
Celsius Network was funded by an initial coin offering (ICO) in 2018 where it gathered $50 million. The company was reported to have completed last month loans worth up to $2.2 billion since July 2018, over 160,000 lending transactions, and given over $3.5 million in interest payments.
The company also stated that it returned to its depositors 80 percent of its profits.
Charlie Lee, Litecoin founder and Foundation managing director, has cited in a CoinDesk interview that the main reason for enlisting Celsius Network’s service was the interest-bearing deposits for LTC owners.
“We’ve chosen Celsius as the LF’s preferred interest bearing wallet as we are always interested in helping LTC holders take advantage of new use cases for their holdings. What better way to show our confidence in the product than by allocating a portion of the LF’s treasury,” said Lee while highlighting that the Foundation will not be taking loans on collateral.
In August, Litecoin halved its mining rewards at the block height of 1,680,000, decreasing the reward to 12.5 LTC per block. LTC has a trading price of $74 at the moment and ranks 5th in terms of market capitalization.