What’s driving Litecoin’s bull run - three factors
- LTC/USD gets back above $60.00.
- Three main catalysts behind the long-term growth.
Litecoin (LTC), now the fourth largest coin, has been growing strongly since the beginning of the day. The coin has grown by 2.5% so far with the upside momentum gaining traction. At the time of writing, LTC/USD is changing hands at $60.35, off the intraday high touched at $60.80.
LTC has been recovering strongly since the beginning of the year driven by both internal fundamentals and external factors.
Thus, Litecoin’s hashrate has been on the rise since December 2018, indicating that miners are joining the network amid the price growth. It’s a positive development for the coin as more network security and less vulnerability to 51% attack.
Another bullish catalyst came from Litecoin’s founder Charlie Lee, who said that the team planned to increase the coin’s privacy. Recently, he reiterated his position, saying that the developers were working on improving the tech specifications of the network.
"We still have a lot of work ahead of us. Need to make sure the tech is solid and come up with a plan to test everything and safely upgrade the Litecoin network. When we have a solid plan, we will write up a Litecoin Improvement Proposal (LIP) for the community to critique.”- he tweeted on February 11.
Apart from that, Litecoin is moving towards halving, which will result in the reduced miner renumeration and tightened supply. THis is another strong factor behind Litecoin’s bullish potential. The halving is scheduled to take place in August.
LTC/USD, 1D chart
Author
Tanya Abrosimova
Independent Analyst
