Litecoin price accelerates growth on the eve of a halfway

The fourth in terms of capitalization of the cryptocurrency Litecoin (LTC) over the last 24 hours has grown by almost 12%.

Data: CoinMarketCap

According to analysts at Binance Research, an important fundamental reason for the rapid growth of “digital silver” is the approximation of the halving reward for the block, which will take place in two months, tentatively on August 6.

The @Litecoin $ LTC halvening is now less than 2 months away.

In the past 6 months, coupled with a hashrate increase of over 150%, LTC has gained over 380% in USD from a low of $ 22.32.

Despite over 4% in price, mining profitability is only up by 125%. pic.twitter.com/PbuVz6q5Sb

– Binance Research (@BinanceResearch) 6 June 2019 p.

According to experts, over the past six months, LTC hashrate has increased by 150%, while the price of cryptocurrency increased by 380%, from a low of $ 22.3 to $ 115.

Against the background of a fourfold price increase, the mining profitability grew by only 125%. This is due, apparently, with the increasing complexity of the production of Litecoin.

According to trader Luke Martin, the further target of LTC price paired with bitcoin could be the level of 0.0182.

I was sleeping on the $ LTC halvening being only 60 days away now.

Price is up 5% today breaking out of consolidation. I think it could go higher than the most recent .0182 swing high.

Props to @ ThinkingUSD & @ trader1sz remembering seeing it on early. pic.twitter.com/f6RyLNXj99

– Luke Martin (@VentureCoinist) 6 June 2019 p.

Earlier, BlockchainJournal published an article about how the future reduction of the block reward from 25 LTC to 12.5 LTC can affect the price of digital silver, the profitability of mining, as well as Bitcoin and the market as a whole.

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