US Presidential Candidate Andrew Yang has been a staunch supporter of Cryptocurrency. He believes that not only Blockchain but the entire space has a lot to offer. He includes blockchain and cryptocurrency in his manifesto as well, talking about the potential and the need for more precise regulation in the space.
Recently, Yang met Litecoin creator, Charlie Lee. Litecoin [LTC] is one of the most popular cryptocurrencies in the space; dubbed as the silver to Bitcoins’ gold.
In a tweet, Andrew Yang Praised, Charlie Lee for his efforts in the space. He tweeted,
— Andrew Yang (@AndrewYang) June 6, 2019
Litecoin Hashrate Continues to Increase Linearly
The Hash-rate is the apparent resources spent to validate the transactions and mine new Litecoins. The increased hash-rate can be attributed to the launch of new age ASIC miners and the fact that miners are switching to Litecoin [LTC] with the continual increase in its price.
The daily transaction volume has seen a slight increase since May. Nevertheless, the number of transactions on Litecoin has been consistent over the past year, despite the bear market. This is because due to the high transaction fees on Bitcoin [BTC], Litecoin [LTC] becomes the next favorite medium of transfer.
Litecoin gained close to 400% since the beginning of the year. Moreover, the protocol is usually praised by Bitcoin supporters as well. The rise in Litecoin has been due to a couple of reasons including the end of the bear market, the announcement of including fungibility, halving in August and overall marketing efforts with conferences and increasing support.
The price of Litecoin at 16: 00 Hours UTC on 7th May 2019 is $116. It is trading 12% higher on a daily scale.
Do you think that the rise will continue and Litecoin will record new yearly highs? Please share your views with us.
1- Do not invest in every ICO – most of them are a scam.
2- Crypto is a heavily manipulated commodity and the price can change at any moment.
3- The creation cost of a coin represents the “wholesale” price – It is always better to buy when the price is close to the creation cost.
4- Crypto has a natural cash flow that dictates the selling pressure. Like, 1800 bitcoins are mine each day so 1800 bitcoin must be bought at the current price (“means market needs new $18 millions of investment every day if the price is $10,000 to maintain the current price“).
5- Patience and timing are key to making a profit:
Buy, when the price is close to the creation cost.
Sell, when the price is way high off the creation cost.