U.Today is supported by its audience. When you buy through referral links, we may earn a commission.

Litecoin Price Surges Seven Percent While Number of Daily Transactions Reaches Highest Level in 2019

Mon, 11/04/2019 - 19:33
Alex Dovbnya
The Litecoin price starts showing signs of a minor recovery while the coin's hash rate continues to drop like a rock
Cover image via www.123rf.com
Put your crypto to work
  • $68.96

    Interest per week

  • $3585.7

    Interest per year

  • 4.15%

    Interest rate

Join Now!
Sponsored by Celsius.Network

The price of Litecoin (LTC), the fifth coin by market capitalization, has surged by about seven percent over the last 24 hours, CoinStats data shows. At the time of writing, the O.G. altcoin is changing hands at $61.33, its highest level since Oct. 27.

image by coinstats.app

You Can Now Pay with Bitcoin, Ethereum, or Litecoin on Amazon

Daily transactions reach a yearly high

Remarkably enough, this sizeable price spike came after the coin recorded its highest level of daily transactions in 2019. According to data provided by BitcoinInfoCharts, Litecoin recorded 67.142 transactions on Nov. 2 without any apparent reason.

However, LTC is far from reaching its yearly high price-wise. On June 23, the coin surpassed the $140 level, but its price went downhill due to a double-whammy of falling Bitcoin prices and the reward halving that took place at the beginning of August.

Litecoin (LTC) to Fund Dev Team to Introduce Harry Potter-Named Protocol for Solving Fungibility Issue

Litecoin hashrate continues to tank

Litecoin's hash rate continues to decline in a very swift manner, currently sitting at 181 terahashes per second (down about 60 percent from its July peak). At this rate, it will likely to touch the bottom of 146 terahashes per second, which was recorded on Dec. 18, 2019, when Bitcoin and the broader crypto market were bottoming out after a long-lasting crypto winter.

image by bitinfocharts.com

This obviously not good news for the coin's network since it's becoming more susceptible to a potential 51 percent attack.

Will Litecoin be able to recover? Share your opinion in the comments!


About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

Top 10 Best Cloud Mining Sites in 2020
TOP 20 Best Bitcoin Trading Bots in 2020
Silk Road Founder Shares Update from Prison Amidst COVID-19 Pandemic
Famous British Rapper Explains Why Bitcoin Haters Will Buy BTC at $20,000
Mike Novogratz Says Bitcoin and Gold Are 'Easiest Trades,' Reveals His Favorite Stock