Litecoin’s Price Hits 13-Month High as Halving Approaches, Hashrate Hits All-Time High

The price of Litecoin, a cryptocurrency that’s often seen as the silver to bitcoin’s gold, has recently hit a 13-month high, shortly after the hashrate on its network reached a new all-time high and shortly before its halving event.

According to CryptoCompare data, the cryptocurrency is currently trading at $139, after rising 9.1% in the last 24-hour period. Litecoin hasn’t been trading at these values since May of 2018. This month, LTC has seen its price grow by over 60%.

Litecoin's 30-day performance

Most analysts seem to agree that behind the cryptocurrency’s rise – which has been helping it outperform the rest of the cryptocurrency market – can be attributed to its upcoming halving event. On August 6 of this year, the cryptocurrency’s block rewards will have from 25 LTC to 12.5 LTC per block.

This event occurs every 840,000 blocks on the Litecoin blockchain. These events decrease inflation and remind users the supply of the cryptocurrency is limited, which as a result can see some accumulate more tokens, as scarcity increases demand.

Other potential causes for LTC’s rally include the cryptocurrency’s hashrate hitting a new all-time high earlier this month, which in turn increases security on the network and shows miners are betting on LTC.

Litecoin's hashrate

The hashrate’s rise itself has been attributed to rumors surrounding the upcoming release of a next-gen ASIC LTC miner called L5 Bitmain ASIC Scrypt miner, which is reported to more than double the hashrate of its predecessor, the L3 ++. Miners may also be betting on Litecoin over the upcoming halving event.

Finally, Litecoin creator Charlie Le has been invited by TRON’s Justin Sun, , along with a few other cryptocurrency pioneers, to join him in having lunch with billionaire investor and cryptocurrency bear Warren Buffett, who’s in the past went as far as claim bitcoin is “gambling device.”

Justin Sun won the chance to have lunch with Buffett after paying a whopping $4.5 million for it. Per his words, he wants to “become the bridge between the institutional investor and also financial institution and the traditional investors.”

Crypto Market Update: Focus on BTC, ETH, BCH, BNB, XMR, and DASH

Siamak Masnavi

This article provides a quick overview of how the crypto markets have been doing—with the focus on Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Binance Coin (BNB), Monero (XMR), and Dash (DASH)—over the past 24-hour period.

Overall, September 17th is proving to be a bit of a mixed day, with 12 of the top 20 cryptocurrencies (by market cap) in the red at press time (around 06:25 UTC).


BTC-USD 24 Hour Chart - 17 Sep 2019.png

The bad news is that are still waiting for the launch of Bakkt's physically-delivered daily and monthly Bitcoin futures contracts. So, Bitcoin is still trading mostly sideways, hovering around the $10,300 mark. The good news is that the launch is expected to take place in less than one week (i.e. on September 23), as was confirmed by this tweet that Bakkt sent out on September 16:


ETH-USD 24 Hour Chart - 17 Sep 2019.png

The Ether (ETH) price continues its upward movement toward the $200 mark, up another 2.24% in the past 24-hour period (making it up 4.32% in the past 7-day period). What may have helped the Bitcoin price yesterday (September 16) is the announcement by crypto payment processor BitPay that in the near future it will be possible for its customers to accept Ether payments for purchases of goods and services. Also, the BitPay wallet will support Ether.

Ethereum co-founder Vitalik Buterin had this to say about the news:

"It is exciting to see BitPay leading the way in integrating Ethereum into global payment systems. This truly opens up a new world of possibilities for the Ethereum ecosystem, and together we can continue to be a leading innovator for real world use cases for cryptocurrencies.


BCH-USD 24 Hour Chart - 17 Sep 2019.png

On Monday (September 16), announced that it had entered into a strategic partnership with Taiwanese smartphone manufacturer HTC, as a result of which the wallet will come preinstalled on HTC's current and upcoming blockchain phones (Exodus 1 and Exodus 1s):


BNB-USD 24 Hour Chart - 17 Sep 2019.png

Although BNB is currently in the red, this may change during the next several hours once all of the six mini announcements that Binance plans to make today have come out:

The first of the six announcements that Binance CEO Changpeng Zhao (aka "CZ") referred to is the addition of support for Cosmos (ATOM) to Binance's Margin Trading platform:


XMR-USD 24 Hour Chart - 17 Sep 2019.png

OKEx Korea announced on Monday (September 16) that it intends to delist all five privacy coins it is currently supporting, i.e. XMR, DASH, ZEC, ZEN, and SBTC, due to concerns that these cryptocurrencies do not allow it to implement FATF's so-called "travel rule". 10 October 2019 is the date on which transaction (i.e. trading) support ends.


DASH-USD 24 Hour Chart - 17 Sep 2019.png

Since OKEx Korea's delisting announcement mentioned DASH, you would expect it to be down today, just like XMR. However, it is not, and that is very likely due to the fact that today (September 17) is the day that trading in DASH is expected to start on Coinbase Pro on/after 09:00 PST (16:00 UTC) provided that there is sufficient liquidity.

Featured Image Court: Photo via