Litecoin is in the coming altcoin news because of its hash rate. According to the latest cryptocurrency news, Litecoin (LTC) has achieved a new all-time high of its hash rate on April 8, measuring 359 terahash.
The rapid increase in the hash rate of the Litecoin blockchain network represents computing power that protects and secures the protocol and comes in the middle of a demonstration of strong performance by Litecoin (LTC) in recent months.
Since January, Litecoin managed to record a 160% increase in value against the US dollar, proving that it is among the best performing cryptocurrencies in the global market right alongside Binance Coin (BNB), Enjin Coin (ENJ) and Augur (REP).
The potential factors of the rise of the price and the hash rate of Litecoin are considered as a positive indicator of confidence. However, arguments are made that improvements in hardware and mining equipment can lead the hash rate to rise.
The new increase in the hash power of the Litecoin network was affected by the momentum of the short-term price trend of Litecoin (LTC). Still, it is entirely possible that the overall improvement in the efficiency of mining equipment has fueled the network’s hash rate.
According to Franklyn Richards who is an early Litecoin team member operating Litecoin.com:
“Another potential explanation for the recent rise, besides price, may be more efficient mining hardware being issued /used. If this were the case we are not expressly aware of it.”
The price of LTC is also going up. While new cryptocurrencies consistently emerge and are featured on the best cryptocurrency news sites, if they are not backed by active development, investors may lose confidence.
A 2017 study by JP Vergne who is a professor at Ivey Business School proved this, stating:
“Besides, a new cryptocurrency may look more appealing than its older competitors at the time of introduction, but if it is not backed by a solid team of developers who continually improve its underlying software, over time it will be unable to maintain its initial technological advantage.”
Right now, we can only hope that the price growth of Litecoin (LTC) is as consistent and featured in our altcoin news section.
Gold-Backed Russian Crypto Could Crush The USD Standard
“As for mutual settlements, we will consider, of course, a proposal on a cryptocurrency that is tied to gold. But, in my opinion, it is more important to develop settlements in national currencies.”Nabuilna explained that CBR is still unsure whether to use cryptocurrencies and how they could be launch into Russia’s monetary system but the idea of a zero-volatility digital asset is inviting:
“The CBR, in principle, is opposed to cryptocurrencies being launched into our monetary system. We do not see the possibility that cryptocurrencies fulfill the function of monetary surrogates. We have prepared an analytical report and will soon present it which will analyze what cryptocurrency is, what is happening in the world, what approaches different countries to have, and what regulation is envisaged. And, if the phenomenon of cryptocurrency in any perspective may cause risks to our macroeconomic stability, we need to understand that.”As noted in one of the best cryptocurrency sites, Russia is under significant economic sanction from the United States.
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Hottest Cryptocurrency Is Up 330% This Year (And It’s Not Bitcoin)
“Every time we’ve seen a halving event in Bitcoin or Litecoin, the price has risen astronomically,” is what Mati Greenspan believes, who is a senior market analyst at the trading platform eToro. “So if that pattern continues, what we’ve seen so far is small potatoes in comparison,” he said. “This is quite normal for the crypto market.”Right now, cryptocurrencies are undergoing a major renaissance. While Litecoin is reported as the hottest cryptocurrency this year by many best cryptocurrency news sites, Bitcoin is also triggering a new rally and Facebook with its expected crypto project is additionally fueling up the space. All of the developments happening this year have managed to push the price of Bitcoin by 120% since the beginning of the year - and the price of Ether close to 100% this year. Litecoin remains the hottest cryptocurrency - going from $30 at the end of last year to $130 right now.
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