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

ByBit
  • Alex Dovbnya
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    The Litecoin price starts showing signs of a minor recovery while the coin's hash rate continues to drop like a rock

Litecoin Price Surges Seven Percent While Number of Daily Transactions Reaches Highest Level in 2019
Cover image via www.123rf.com
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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.

Litecoin Price
image by coinstats.app

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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.

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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.

Litecoin hashrate

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!

 
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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an 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.

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Bitcoin Is Classic Pump-and-Dump Scheme, Says Peter Schiff

ByBit
  • Alex Dovbnya
    📰 News

    Gold proponent Peter Schiff thinks that Bitcoin evaporating its 40 percent pump proves that it's a pump-and-dump scheme

Bitcoin Is Classic Pump-and-Dump Scheme, Says Peter Schiff
Cover image via u.today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Contents

Euro Pacific Capital CEO Peter Schiff has come up with a new insult for Bitcoin, calling it "a classic pump-and-dump scheme."

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"You're being played"

Schiff continues to assert that Bitcoin's 40 percent pump on Oct. 25 was the result of price manipulations. The fact that Bitcoin's has completely trimmed these gains in just four weeks definitely flies in the face of bulls.

The gold bug explains that the pump was meant "to sucker in" momentum buyers to dump their bags later. This is supposed to be a wake-up call for all buyers.

Earlier, Schiff lambasted Bitcoin holders for not being able to see through the shenanigans of whales who are selling their coins on the verge of a major price.        

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Other bears are waking up 

Mark Dow, the trader who famously shorted Bitcoin at its current all-time high, recently resurfaced on Twitter with a succinct "Bitcoin is dying" tweet, which came in handy right on the verge of Bitcoin's drop to the $7,500 level.     

While some bulls might be tempted to dismiss Bitcoin price moves recorded on the lower time-frames as "noise," the long-term picture is also gloomy. As reported by U.Today, crypto market analyst Willy Woo opined that Bitcoin might not replicate the success of previous halvening cycles due to its unusual bearishness. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an 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.

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