Recent Bullish Trends Helps Litecoin (LTC) Get All-time High Hashrates, Something Bitcoin (BTC) Has Not Shown Yet
- Litecoin (LTC) price has surged as a result of an increase in Bitcoin (BTC) price.
- The overall crypto market has added billions of dollars in what appears to be a recovery from the extended bear market which lasted throughout 2018.
Litecoin Price Surges, As Crypto Market Recovers
In a recent update by the team at Litecoin, it has been revealed that the recent bull market has not only helped the likes of Bitcoin (BTC), but also Litecoin (LTC) – adding that the positive trends have led the peer-to-peer based digital asset witness increases in hashrates. This was not found with the former, as BTC was left fighting a battle of breaking its resistance levels with fluctuations.
The team believe that the surge is associated with the rumored, L5 Bitmain ASIC Scrypt, which was discussed on in The LitecoinTalk forums hosted by ‘nehgekim’. The user seems to have disclosed that Bitdeer paired with Bitmain and Ant-miner in an attempt to get the L5 listed so that it can be rented out.
While the idea of being able to rent out L5 has now been “removed,” the arguments made by ‘nehgekim’ then was backed by the following evidence:
“The mining contracts I have purchased from Bitdeer that use the L5 have performed better than expected thanks to the lift in LTC prices. Sub 5c electric is available but even there, the price of LTC totally needs to trend up for all this to keep being worth anything.”
Mining Rewards to Be Halved from 25 LTC to 12.5 LTC
This trend in hashrates has been reported to potentially decrease, as an LTC halving event is just around the corner. In particular, it was shared that:
“Mining rewards are set to halve for the second time in Litecoin’s history from L25 to L12.5, which will have a profound impact on the mining space. Logically, it should result in a halving of the hashrate along with it,” adding that recovery is possible depending on the L5’s performance.
Notably, the latest hashrate experienced a 20 TH/s jump from its initial 359.44 TH/s in April 2019.
Another Litecoin.com quote was referenced, which indicated that while the hashrate seems to be correlated with LTC’s ‘price movement’, “It can react quicker to a down turn in price as it’s just a matter of switching them off once they become unprofitable,” emphasizing on the coin’s “mining difficulty”.
At the time of writing, LTC takes the position as the fourth largest crypto on CoinMarketCap, with its token currently priced at USD$117.74, with a market cap of roughly USD$7.3 billion and volume of $4.3 billion.