Litecoin price is dwindling since the Litecoin hash rate is falling down drastically after the halving event. The cryptocurrency is suffering due to the poor hashrate, a sign of miners jumping ship.
While the Litecoin LTC price is down by five dollars ($5) in the past twenty-four hours (24h) from seventy-three dollars ($73) to sixty-eight dollars ($68) at the time of writing.
The summer of 2019 took Litecoin for granted giving it a swing to the top at the beginning of the warm season while drowning it in agony as August 5 approached when halving took over, the frenzy died out leaving no bulls in the market to support LTC.
Low hashrate effects on Litecoin price
Though Litecoin price spiked to one hundred and forty dollars ($140) it was later revealed that there wasn’t much hype; and more importantly, support for LTC on August 5. LTC saw the price come down to seventy-one dollars ($71.28) at closing.
Litecoin price has dropped to sixty-eight dollars ($68.07) at the time of writing while the twenty-four (24) hour volume sums up to be two billion dollars ($2,669,965,420). The total market cap for Litecoin is valued at four billion dollars ($4,379,690,665).
The hash rate for Litecoin escalated from five hundred and twenty-three (523) TH/s (Terahashes per second) to two hundred and ninety-five TH/s. That accounted for thirty (30%) percent of the mining power that the company lost in August alone.
As time passes, lesser crypto coins remain hidden from the world- this fact alone is an alarming one when compared with the hash rate that’s gone down. Litecoin’s liquidity and fame are all that is keeping it afloat in these desperate times.
Litecoin was forked from Bitcoin. Though it does share the same mining algorithm as Tenebrix.
— Charlie Lee [LTC⚡] (@SatoshiLite) September 6, 2019
The Bitcoin network is nearing the 2020 block halving. This will not prove good if the patrons decide to give up on BTC. The Bitcoin Network currently runs near one hundred (100) TH/s which is a big deal, but when rewards are halved to six (6.25) BTC per block, more computational power will be required.
The market hasn’t been in full bloom with Litecoin miners yet. The L3 miner doesn’t cut it when it comes to performance to power consumption ratio. While on the other hand, BTC miners are on the house from the Antminer lineup.
Litecoin is not dead by a longshot in the mining department, and even with the current gear, the returns will not drown miners in debt.
Litecoin has been receiving criticism due to lack of innovation in the system. While every blockchain has made efforts to further their prospects Litecoin Network has been stagnant.
With other altcoins as Verge (XVG) being marginally profitable to mine- are still not the that great. The returns aren’t hefty, and while that’s not enough to convince miners to lay off of them, ninety-eight (98%) of miners integrated with Scrypt algorithm cracking hardware are finely tuned for Litecoin.