🚀LTC CONTINUED TO INCREASE, XLM CAUGHT UP WITH THE TREND AFTER BURNING HALF OF TOKENS🚀

Sencoinex
Sencoinex
Nov 5 · 2 min read

The price of LTC is still rising very well over the past few days as the number of daily transactions reaches the highest level in 2019. However, the Litecoin hashrate is plummeting quickly.

Litecoin — the fifth largest currency by market capitalization — has risen about 7% in the past 24 hours. At the time of writing, altcoins are trading at $ 62.7, the highest level since October 27. Notably, this increase came after the coin recorded the highest daily trading rate of 2019. According to data provided by BitcoinInfoCharts, Litecoin recorded 67,142 transactions on November 2 without any apparent reason.

However, LTC has a long way to go to reach its annual high prices. On June 23, the coin surpassed $ 140, but the price plummeted due to the Bitcoin price doubling and the Halving event taking place in early August.

Besides, Litecoin’s hashrate has dropped very quickly, currently at 181 terahash / second (about 60% lower than the July peak). At this rate, it is likely to reach a bottom of 146 terahash per second on December 18, 2019. This is clearly not good news for the coin network as it is becoming 51% more vulnerable to be attacked.

According to an article on Medium on November 4, the Stellar Development Fund (SDF) announced a significant reduction in the number of tokens that exist, an attempt to make the coin more efficient, more powerful when the project continues to move forward. Of the more than 85 billion tokens devoted to SDF activities, giveaway programs, and partnership programs, SDF has burned more than 55 billion tokens.

With the current XLM price of $ 0.085 per token, the value of burned tokens is nearly $ 4.7 billion. Immediately, the coin reacted positively to this news when witnessing a 20% increase in the day at the time of writing.

SDF said they will pour 12 billion of the remaining tokens ($ 1.02 billion) into an active development program directly for Stellar. They expect to double their current staff to nearly 60 by the end of this year. In September, Stellar announced that it intends to remove the inflation feature in the upcoming upgrade. The Stellar Development Fund says developers want to get rid of some of the tools they believe are no longer useful for network participants.

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