Litecoin’s LTC is trading at $64.68 at the press time, down by 0.14% in the last 24 hours and up by 0.45% in the last 7 days. The community is speculating if LTC will surge in the days to come or undergo a bearish treatment following the achievement of a notable hashrate. The hashrate recently reached a historic high of 1.4 PH/s, signaling a rise in mining power. Also, it translates to the fact that the community is optimistic about the future of Litecoin, underscoring that profits are well on the horizon as it moves forward on the price chart.
The adoption aspect of Litecoin extends to its native network, which has served reliably as a Proof-of-Work mechanism. A rise in hashrate occurs at a time when the price is not precisely keeping pace with the upward trends of the crypto market. Given the ongoing declines across the crypto sphere, it is reasonable to anticipate a price fall. However, the price continued to hover downside even when the trajectory was positive.
Contrasting a jump in hashrate is the mining difficulty that drives the entire process. Litecoin’s mining difficulty is estimated to be around 41 million, depicting a challenge that the community faces in coming across a new block and earning rewards. The combination is what’s triggering dubious speculation about the future of LTC.
Litecoin has undergone halving a total of three times: in 2015, 2019, and 2023. The last halving brought rewards down to 6.25 LTC from 12.5 LTC. Prices are associated with an increase following the halving event. Tables moved to the other side because LTC dropped to $60.50 from $93. Unlike BTC, which still maintained a decent range, that massive decline was hard to ignore. Price is currently stable at around $65, expected to plunge by 0.64% in the next 5 days for a value of $64.30 amid the volatility of 3.18%.
The near-term prediction for the next 30 days is optimistic for LTC. The token is anticipated to reach $75.32, thereby soaring by 16.39% from the current value. Litecoin price prediction estimates the token to end 2024 at around $151.35. An alternate possibility is $61.39, which, despite its bearish nature, is more realistic. Nevertheless, undermining ups and downs in the crypto market is not always the right move.
Last seen, Litecoin surpassed Bitcoin as the most preferred payment choice. Reports said that the community preferred the network over Bitcoin and Ethereum to make it a market leader. BitPay reportedly highlighted that Litecoin occupied a 37% share of the crypto market in which transactions were conducted.
Litecoin faces risks and challenges as it strives to surpass the comfort zone of $65 and achieve a new high. It will depend on several factors like adoption, market sentiments, and economic conditions, among others.