Looks to me that people are selling so they can buy bitcoin as it's been dropping in price.
Hashrate ltc 227.391 Thash/s -10.88% in 24 hours
This goes with my assumption that LTC's difficulty will crash down because I think 65% or more of all Scrypt-POW miners are the Bitmain L3+'s or L3's. Way too massive a presence.
They have (as usual in the past) have had a lot of folk (IMHO) mine at a loss anyway in the hope of others dropping out of mining. (Unlikely if you have a Bitmain L3+
..the yo/yo effect..a mess dump..diffculty goes down....a mess turn back on...difficulty goes up...a couple of months of this is likely all a guy/gal can take, and it has been that long)
Thus, with the current price and about 65% (again, IMHO) it is only when 'miner capitulation' for the Bitmain L3+ is no longer in any way profitable to mine
that, the LTC price MAY go up in value. I say MAY because a lot of miners are gonna stay far, far away from investing in LTC after the above 'miner capitulaztion'
and thus, probably, again in my view, gonna go 'screw it' and HODL BTC instead. Indeed, a case could be made that LTC could go even further down in price, because
a lot of miners ....again, if my 65% view above is true, would mine and HODL. This is no longer the case I think.
So a triple whammy, miners go off, LTC HODL'ing is diminished, the price reflects this, price of LTC dumps.
As I've said the LTC Foundation needs to do some PR and get Mimblewimble and/or other developments out. Or LTC risks staying at the 'copper' to bitcoin gold and
retreats from the field with Bitcoin Forks like BCH and BCV continuing to act like the Silver to Bitcoin's gold. It really, really, sucks, but how I see things backsliding at this time.
Again, sucks.
Brad
