Litecoin Hash Rate Approaching All Time Highs While LTC Price Up is 170% in 2019
Litecoin hash rate is on its way to breaking the record as it continuously surges upward. In May 2018, it hits its peak at 342 TH/s only to keep on dropping till mid-December at 150 TH/s which was last hit on April 2018. However, since then it has been constantly on the rise and hit 321 TH/s on March 29th, a rise of over 140 percent since December low.
With Litecoin hash rate climbing to its peak, the number of miners entering the market is on the rise indicating mining has yet again become profitable. This further means, Litecoin network is becoming more safer if one tries to attack it. With the hash rate growing, the miners are keeping the network secured and making it economically impractical to perform a 51 percent attack on Litecoin blockchain.
If we take a look at the Litecoin price, the peak was hit in December 2017, since then the price has been going downwards. However, in mid-December only, the price was at its yearly lowest at $23 and since then it has been moving upwards just like the hash rate. In 2019 till now, Litecoin has surged nearly 170 percent.
At the time of writing, Litecoin has been dropped from $62 to $60 with 24-hours loss of 0.32 percent. In the BTC market, it is in the red by 2.44 percent.
Given the pace at which the price of 5th largest cryptocurrency has surged that is just about 3x, it seems to have more drive to go upwards. Moving forward, we could see Litecoin breaking above $80 where it has resistance perched on the 100-day moving average.
This upward moving trajectory can be further fueled by the upcoming Litecoin halving in August that could mean potential gains for the altcoin. We can see Litecoin kicking off the rally officially that Bitcoin and other cryptos can follow.
At it peak, LTC had skyrocketed to around $360 from which it is currently down 83 percent. Though, another peak might not come this year, in the light of halving, the bulls can start driving the prices up and set the stage for the next ATH.