We Did It! The Halving
Litecoin has been halved. But as we can see the price really has not changed much. Bitcoin however is up about 10% since just a few days ago.
The next move is going to be seeing how far the mining hashrate goes down. That data is not in yet from what I can find but tomorrow should start painting the picture.
The real news however seems to come in the form of Bitcoin.
Since yesterday the price has skyrocketed over 10% and looks to continue to build this trend.
Bitcoins hash rate continues to climb now upwards of 70,000,000 TH/s you pretty much better not use your CPU or GPU to mine bitcoin you simply wont get anywhere doing so.
One of the biggest things to take note of with bitcoin this time around is the bitcoin dominance over the entire market.
In the 2017 rally Bitcoin actually fell upwards of 40% dominance. However this time around we are closing in on 70% dominance. That is seriously MASSIVE.
It shows all that money that was pumped into (pardon my french) SHIT coins is now coming out of them and being placed into major alts and bitcoin itself.
If this would of been the case in the 2017 rally bitcoin easily would have been upwards of 30-40k
This also leads me to believe that bitcoin on this rally in holding its dominance could easily hit 50k or higher.
What exactly is fueling the bitcoin rally ?
No one has said yet but my ticket is on the economy doing worse.
Renewed trade wars are hurting stock prices
The FED reduced the interest rate by 0.25% and honestly does not have much room to move if things go from bad to worse.
It seems like Bitcoin is being injected as what the core developers believed in. A strong global store of value, if the economy continues to have bleak news and trade wars and FEDs continue to drop rates we could see for the very first time what bitcoin would do in a recession type area.
Remember bitcoin was pretty much born out of the last recession when people got tired of banks and then bailed them out.
The end of 2019 and 2020 are going to be VERY interesting indeed.
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Upvoted and Resteemed. Maybe people were waiting to see what happened and will buy the LTC dip today
You're right. Bitcoin was BUILT FOR THIS.