litecoin hashrate soaring before forkingLitecoin has announced that the halving of Litecoin is due to occur in August of 2019. The decision of halving means that the crypto miners will experience a huge drop in revenue. Halving is mostly done by miners to maintain as well as increase the computing power which will ultimately increase the future price of the currency.
This is why many crypto enthusiasts and cryptoanalysts suspect that this halving event will cause the prices to increase and an increased market momentum will be experienced. They make this hypothesis because most of the time the halving event gives good results in the crypto space.
For example, the halving of Bitcoin has always been a hot topic in the community and they ultimately give good and satisfactory results. The strategy is that even though the miner receives less revenue and the coin becomes harder to buy the demand for that specific currency increases.
This is not the first time Litecoin is trying out the halving technique but it did do it once in 2015. That halving event caused a ten-times increase in revenue for the next few months. The co-founder of Morgan Creek Digital shared a cryptoanalysis in his tweet that included the price ranges for top currencies like Ethereum, Bitcoin and Litecoin. In his tweet, he predicted litecoin to hit the target of six hundred and fifty dollars ($650) by the month of April and May.
Halving is only the start for a golden period for Litecoin. Litecoin is expected to be in a very good position as of now. Litecoin is gaining more recognition in the crypto space and its rate of adoption is increasing. An announcement by Nexo Finance suggests that LTC holders will be getting some credit lines from it. With all of these events occurring it is okay to suggest that Litecoin may experience an increase in trading volume in the following months.
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