Litecoin ‘Largest Miner Capitulation’ Great News for Bitcoin — Analyst

Bitcoin (BTC) could have its bull market induced by Litecoin (LTC) as the latter enters a bullish renaissance, noted statistician Willy Woo has forecast.

In a series of tweets on Jan. 6, Woo, well known in crypto circles as the creator of data resource Woobull, highlighted an upturn in Litecoin’s fortunes in recent weeks.

Woo: Litecoin difficulty “in recovery”

Specifically, it is the altcoin’s mining difficulty that has begun rising once more after more than six months of decline.

The difficulty is a measure of how much computing effort is required to process transactions on a cryptocurrency’s blockchain. A drop in price can make miners retire due to low profitability, which triggers a drop in difficulty. This, in turn, has implications for network security.

Litecoin difficulty vs. price, 2011-present. Source: Woobull

Woo said the second half of 2019 was “the largest miner capitulation LTC has ever faced.” Data from Woobull confirms difficulty dropping from over 16 million…