- Litecoin sees mining difficulty reaching a new value of 26 million at blocks 2 million as Bitcoin records a similar situation.
- Analyst predicts a bull run for Litecoin and other cryptos amid the possible approval of some Bitcoin Exchange-Traded Fund applications.
Data suggest that Litecoin miners are struggling to generate new blocks into the crypto’s blockchain. It is important to note that the hash must be below a specific target for a new block to be generated. According to data, Litecoin’s mining difficulty is hitting a value of 26.38M at block 2,498,134. In the last 24 hours, there has been an increase of 3.38 percent. This situation is not limited to Litecoin as Bitcoin is going through a similar phase.
The mining difficulty of Bitcoin reaches its peak of 52.35 trillion at block height 794,304 with the hashrate hitting around 383.87 exahashes per second. At the beginning of January, the mining difficulty reached a very low point of 34.09 trillion at block height 770,112. Since then, there has been a significant surge. On January 15, it reached 37.59 trillion at block height 772,128 after surging by 10 percent.
Experts believe that the rising mining difficulty is a sign of a secure and healthy network since it suggests that more people are mining. Most importantly, this controls the rate at which new coins are issued, hence, managing the supply of an asset.
Analyst Predicts Bull Run for Litecoin and Other Cryptos
A Crypto analyst Michaël van de Poppe has predicted that Litecoin could record a considerable surge to trade between $220 and $260. Litecoin is currently trading at $87 after surging by 12.5 percent in the last seven days.
Van de Poppe’s prediction is largely linked to the recent Bitcoin Exchange-Traded Fund (ETF) applications including that of BlackRock which has a high success rate. Per his analysis, the entire crypto market could record an impressive run once any of these applications are approved.
In 2003, a gold ETF was launched. After that gold went 5x. So we know that if the [Bitcoin] ETF is going to be confirmed, any of those, probably all of them who applied and accepted, you are super sure that we’re going to have the big cycle in this case, probably peaking in 2025.
The analyst also predicts that Avalanche (AVAX) could rise by 329 percent to 407 percent to trade between $55 and $65. AVAX is currently trading at $13. Bitcoin is also expected to stage a comeback to trade between $38,000 to $42,000 with Chainlink hitting around $18 and $22. Ethereum, which is currently trading around $1,878.80 is expected to hit between $2,700 and $3,000. ATOM is also expected to trade within the range of $25 to $35.
The 2023 Litecoin halving could have a significant impact on the price just like the 2019 halving which caused the asset to rise by 38 percent. The Litecoin Foundation said this about the future price:
Historically, in regards to market action, the Litecoin halving has seemed to contribute to two notable events — one, a surge in price leading up to it, and two, a crypto bull market that ensues the years following it, leading into Bitcoin’s halving.
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