US Presidential Candidate Andrew Yang has been a staunch supporter of Cryptocurrency. He believes that not only Blockchain but the entire space has a lot to offer. He includes blockchain and cryptocurrency in his manifesto as well, talking about the potential and the need for more precise regulation in the space.
Recently, Yang met Litecoin creator, Charlie Lee. Litecoin [LTC] is one of the most popular cryptocurrencies in the space; dubbed as the silver to Bitcoins’ gold.
In a tweet, Andrew Yang Praised, Charlie Lee for his efforts in the space. He tweeted,
— Andrew Yang (@AndrewYang) June 6, 2019
Litecoin Hashrate Continues to Increase Linearly
The Hash-rate is the apparent resources spent to validate the transactions and mine new Litecoins. The increased hash-rate can be attributed to the launch of new age ASIC miners and the fact that miners are switching to Litecoin [LTC] with the continual increase in its price.
The daily transaction volume has seen a slight increase since May. Nevertheless, the number of transactions on Litecoin has been consistent over the past year, despite the bear market. This is because due to the high transaction fees on Bitcoin [BTC], Litecoin [LTC] becomes the next favorite medium of transfer.
Litecoin gained close to 400% since the beginning of the year. Moreover, the protocol is usually praised by Bitcoin supporters as well. The rise in Litecoin has been due to a couple of reasons including the end of the bear market, the announcement of including fungibility, halving in August and overall marketing efforts with conferences and increasing support.
The price of Litecoin at 16: 00 Hours UTC on 7th May 2019 is $116. It is trading 12% higher on a daily scale.
Do you think that the rise will continue and Litecoin will record new yearly highs? Please share your views with us.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com