Litecoin [LTC], the silver coin to Bitcoin’s gold, enjoyed a fairly positive start to 2019 since the token surged against the US Dollar in December.
Jason A.Williams, Co-founder of Morgan Creek Digital, recently shared a post on Twitter which predicted that Litecoin’s price could rise to $650 by May 2019. The price prediction was given out by the notable crypto-analyst, @ScienceGuy9489.
At press time, Litecoin’s price was rising, as was its hash rate which was close to its all-time high. The hash rate recorded was 321.35 TH/s, very close to the all-time high of 342.88 TH/s recorded in May 2018.
The growth in hashrate indicated the increasing number of miners in the network, implied that Litecoin mining had become more profitable. When the hash rate grows, it is difficult to conduct a 51% attack on any network or Litecoin. Hence, the improved hash rate improved Litecoin’s network security.
Another speculated reason for the increased hash rate is the upcoming Litecoin [LTC] halving in August. As the date for the halving approaches, investor interest in Litecoin could 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 prominent Litecoin [LTC] bull run.
The price valuation of Litecoin rose by three times since the start of 2019. It has since shown minimal signs of slowing down. At press time, the coin was valued at $61.77 and had strong support at $60.
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