Litecoin [LTC] hashrate close to all-time high! LTC crosses $80 for the first time since November 2018
2019 is the year of Litecoin. The token has a fairly good start and in the recent bull run even crossed $80 giving its investors close to 150% increase in the past 3 months.
Litecoin’s price is rising, as is it’s hash rate. The hash rate recently recorded is 321.35 TH/s, which is very close to the all-time high of 342.88 TH/s recorded in May 2018.
The growth in hash rate indicated the increasing number of miners joining the network. More miners implies that Litecoin mining is now profitable. With the increase in the network’s hash rate, there’s an increase in the networks overall security as well, thus making the network more lucrative to investors.
A reason for the increased hash rate is the upcoming Litecoin halving in August. As the date for the halving approaches, investors and miners interest in Litecoin will undergo a major spike as they would try to move their capital into the LTC market to acquire potential gains. This could eventually lead to a bigger Litecoin bull run.
Co-founder of Morgan Creek Digital, Jason A.Williams, recently shared a post on Twitter which predicts that Litecoin’s price could rise to $650 by May 2019.
The price valuation of Litecoin rose by three times since the start of 2019. It has since shown minimal signs of slowing down.
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