in ,

Litecoin Creator Meets US Presidential Candidate

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,

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.

Litecoin LTC
Litecoin Hash Rate Since the Beginning of 2019 (Source)

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 transaction volume
Litecoin Transaction Volume Over the Past Year (Source)

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. 

What do you think?

325 points
Upvote Downvote

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

Loading…

0

Comments

0 comments

Bitcoin (BTC) Price Analysis June 7/19

Indian Crypto Leaders Shouting Loud at `10 Year Jail Report’, Doubting on Draft Bill Approval