Litecoin [LTC] saw considerable selling pressure at the start of the week as the bears gained control of the market. The resultant decline has driven LTC near its August support level, putting it in an unstable zone.
No,Bitcoin will not be replaced by Litecoin,The only benefit Litecoin really has over Bitcoin is that it has more features. This is not really a close competition. Litecoin’s hash rate will grow if its price rises, but for now Bitcoin simply has a much more serious mining industry behind it. Yes, because it is better in many sense.
Litecoins are released in a predictable rhythm through block rewards. Miners receive Litecoin rewards for adding new blocks to the network. When a Litecoin halving occurs, miners receive 50% fewer Litecoins for verifying transactions. The block production time on the Litecoin network is around one block every 2.5 minutes.
Since the crash, Litecoin is facing a depleted influx of volume that kept the asset trading within a narrow range. However, altseason on the horizon, LTC price is all set to explode to new highs, following its competitors. The asset is expected to reach a 4-digit figure to hit close to $1500 as predicted by an analyst.
Litecoin can be deemed obsolete when the network hash-rate dwindles, all the Scrypt miners are making money on a different coin, and the amount traded per day is decimated for some reason. These stats are easy to watch.
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