Can Bulls Bring Litecoin (LTC) Back to $100?

Grayscale Declines Providing Proof-of-Reserve Citing Security Concerns
  • Over the past seven days, Litecoin has seen a rise in value.
  •  The current Litecoin price is  $63.44.

Litecoin was among the few currencies to see an increase in value while the market fell last week. Over the past seven days, Litecoin has seen a rise in value. Litecoin is at $63.44 at the moment.  The price of Litecoin has fared better than most other cryptocurrencies since the collapse of FTX. Despite changes in the cryptocurrency industry, demand for Litecoin has remained steady.

Litecoin’s Demand Remained Stable

The second-most used asset in October was Litecoin, which outperformed other altcoins in terms of total transactions. LTC ranked second in terms of user popularity. The hashrate, which gauges a blockchain’s processing power, is a crucial factor in proof-of-work cryptocurrencies. Since November 13, Litecoin’s hashrate has decreased to its current level. The hashrate dropped significantly on November 17 to 517 TH/s, much below its peak of 580 TH/s. The LTC/USD price was consolidating as a result. But as of right now, it is at 523 TH/s, suggesting that LTC/USD is recovering. 

Litecoin’s mining difficulty has risen to 18 million hashes, the highest level seen since the cryptocurrency’s debut 11 years ago. To solve the algorithm that generates a block, miners produce random hashes. 12.5 LTC is the award as of right now. However, a Litecoin halving event is imminent. The third halving, which occurs in 2023, lowers the current 12.5 LTC subsidy to 6.25 LTC.  The current Litecoin price is $63.44, and there has been $553,104,022 worth of trades in the previous 24 hours. In the past 24 hours, Casper has increased by 2.16.% as per the CMC.

 

Journalism graduate who loves to write and Karate. And I love exploring new concepts and that brought me into the fascinating crypto and blockchain technology…