Litecoin 'Largest Miner Capitulation' Great News for Bitcoin

Bitcoin could have its bull market induced by Litecoin 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.

A drop in price can make miners retire due to low profitability, which triggers a drop in difficulty.

Litecoin difficulty vs. price, 2011-present.

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 last July to just 4.7 million in mid-December.

The difficulty has begun improving, currently standing at 5.1 million.

This, Woo says, could not only produce a bull run for Litecoin but spill over to fuel the already bubbling Bitcoin market.

Litecoin launched in 2011 as a hard fork of the Bitcoin Core client and is currently the sixth-largest cryptocurrency by market cap.

At press time, Litecoin traded at $45 on 1.3% daily gains, modest compared to Bitcoin's 5.5%..