Litecoin’s Hash Rate and Price Crashes Down, What’s Next?

Litecoin’s hash rate and price have rapidly declined by over 30% since the halving event happened earlier this month according to the data charts that we had previously in the coming altcoin news below.

The troubled altcoin which is currently the fifth-largest cryptocurrency by market cap has lost more than 30 percent of its value since the halving which occurred at the beginning of the month. The data from the monitoring resource Bitinfocharts.com confirmed the drop as well. At press time, the LTC/USD trader at $72.35 which is the lowest point since the start of May. As it was reported previously, the investors were very hopeful that the halving event would push up the demand and the price-performance as well for the cryptocurrency. The event also reduced the amount of LTC available for each block mined for transactions from 25 LTC and 12.5 LTC. Bitcoin’s next halving is scheduled for 2020 in May which the researchers suggest will boost a serious boost for the markets as a result.

For litecoin however, the boost never actually happened and in fact, for the miners appeared to lose interest in the cryptocurrency after the halving. Litecoin’s hash rate and price decline mean that the participation in mining is lower which in turn reduces the security of the proof-of-work blockchain such as Litecoin’s. Lee also stated that he remains committed to the development of the cryptocurrency as the critics widely panned the move as an admission that the token’s value was unlikely to surpass the levels at that time.
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The altcoin winter seems like it is still here for Litecoin since other altcoins have suffered a similar fate.

This week as well, Ripple entered into a partnership with Moneygram which saw the volumes of the cryptocurrency surge but the XRP/USD failed to react. The markets felt the pressure in 2019 due to Ripple’s massive sell-offs which totaled more this year than any other as reported in the latest cryptocurrency news. Ethereum also felt the pressure since the largest altcoin currently is still recovering from the multi-year lows against Bitcoin as the critics ramp up their future rhetoric about the future analysis.