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.
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