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. 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.
Litecoin Miners Are Abandoning The Ship After The Halving Event
Litecoin Halving Event Failed To Boost The Cryptocurrency Rally
“Triple bottom support with a sort of (not the most perfect) falling wedge on dropping volume. We have to assume this green level will act as support again to see price bounce upwards, as the invalidation is very close below and the upside if an uptrend form is quite large.”The trader also shared the chart in order to illustrate the analysis. If you take a closer look at the chart, it seems as the preservation of the green box could drive the market to the dotted diagonal line and this is the exact area that the trader refers to as an upside of the uptrend motion. The Litecoin halving event failed to boost litecoin’s price but based on the newest analysis the price surge could be as high as 100 percent against bitcoin from the present price. It is easier to buy it close to 700,000 satoshis with the tight stop which could help you secure the maximum financial opportunity. According to the reports in the latest cryptocurrency news, the trader stated that Litecoin could climb as high as 1.4 million satoshis.
Litecoin Dumps More Than 50 Percent But A Bounce Is Expected
"Decent falling wedge with correct volume pattern with support at green makes for a decent long opportunity. Setup I would favor most is wicking through liquidity and closing above. This would signal a long entry. $92 and $104 would then be the targets with $111 and $117 to fully close out any remaining long position if you can ride the local corrective bounce trend."As explained in the latest cryptocurrency news, Litecoin dumps more than 50 percent but is now trying to break out of the wedge and seal the $75 as support.
No Interest For Working On The Litecoin Protocol: Charlie Lee
‘’I was extremely disappointed to discover that no progress had been made on CT since the announcement, especially when I stand on stage telling everyone it’s happening and we are actively working on it.’’The CT in the conversation stands for Confidential Transactions which is a protocol upgrade that Lee promised to happen about eight months ago but at the time he declared that CT will be available before this year ends. This is one of the reasons why there is no interest in working on the Litecoin improvement. Lee also noted on Twitter saying that though Litecoin GitHub shows no code commits in 2019, there is still some work being done that does not master the branch. The Litecoin creator admitted that he ‘’dropped the ball’’ on the promised Mimblewimble and CT protocols. Lee also noted that the updates have been side-tracked by activities in the adoption arena neglecting core developments such as the issue of fungibility as noted in some of the best cryptocurrency news sites. While responding to criticism from Richards, Charlie Lee gave a startling admission about the pedigree of his cryptocurrency saying:
‘’The honest truth is that no one is interested in working on Litecoin protocol development work. At least no one technically competent. You can’t just throw money at this problem. This is true for Litecoin since the beginning. It has only been me, Warren, and Thrasher.’’
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