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John Kiguru
Jan 10, 2020
by John Kiguru

Analyst Willy Woo Confirms Litecoin is About to Skyrocket After a 6-Month Bear Period

Litecoin
Litecoin was the best performing cryptocurrency in the first half of 2020. In less than five months, the digital asset had rallied by over 300%. Many attributed this to the halving that took place in August. Like Bitcoin, Litecoin halves its reward to miners by half every four years. The 2019 halving was the second in the cryptocurrency's history. As expected, Litecoin soared, recording the best number, by far, in the first half of the year. Things, however, took a turn for the worse after the halving.

Experts anticipated Litecoin to continue soaring after the lowered supply and increased demand propelled halving. This did not happen and the rest of the 6 months to the end of the year saw Litecoin capitulated. It began with its hash rate dropping dramatically. After an all-time high of 523.8 Th/s in July 2019, it gradually dropped before reaching its bottom mid-Dec at a steady 130 Th/s. As its hash rate dropped, so steadily did prices too. Litecoin dropped from a year high of $140 in June to end the year around $40.

Litecoin Set On Bullish Path

In 2020, Litecoin has shown signs of making a turnaround. In just a few days, the digital asset has surged by around 10% to set a new year high of $48. The hash rate has also been on a steady increase. So far it has climbed to 162 Th/s.

Popular analyst Willy Woo confirmed that the token drop has led to the “largest miner capitulation LTC has ever faced.” The low prices were forcing small miners out as they failed to turn a profit. This further leads the miners to fail hodling and are forced to flood the market with the token. This goes on for long and soon prices are at all-time lows.

Litecoin is now looking to make a comeback in the new year. Its hash rate is likely to continue climbing and encouraging holders and miners of its bullish potential. Part of the reason that Litecoin will surge is the wider optimism on the wider crypto market led by Bitcoin. Additionally, most investors have been accumulating during the bear market and are ready to push Litecoin higher.

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Analyst Willy Woo Confirms Litecoin is About to Skyrocket After a 6-Month Bear Period
John Kiguru
John is an exceptional writer with a liking on technology, finance and the intersection of the two. A firm believer in the transformative potential of cryptocurrencies and the blockchain. When he is not writing, he likes to listen to Nas, Eminem and The Beatles.

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