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.”

Facebook's Libra Will 'Never Happen' Says JPMorgan CEO Jamie Dimon

Jamie Dimon, the CEO of one of the largest banks in the world, JP Morgan, has said Facebook’s proposed cryptocurrency Libra is a “neat idea” that will “never happen.”

The CEO of JPMorgan made his comments on the cryptocurrency during a conference by the Institute of International Finance in Washington, adding that we “already have stablecoins, so they’re not the first to do that.”

The Libra cryptocurrency is, according to Facebook, set to be backed by a basket of fiat currencies. The crypto’s backing would be of 50% the U.S. dollar and short-term U.S. Treasury bonds, 18% the euro, 11% the British pound, 14% the Japanese yen, and 7% the Singaporean dollar.

Dimon’s comments came shortly after some of the Libra Association’s initial members, including PayPal, Mastercard, Visa, and eBay, left the organization over the regulatory scrutiny they’ve been facing, as well as the currency’s potential to be used to launder money or finance terrorism.

David Marcus, the co-creator of the Libra cryptocurrency project, has revealed that instead of launching a “synthetic unit” the Libra Association could, instead, launch a “series of stablecoins, a dollar stablecoin, a euro stablecoin, a sterling pound stablecoin, etc.” as it looks to work with regulators.

It’s worth noting JPMorgan became the first U.S. bank to launch its own cryptocurrency this year after it launched the USD-backed “JPM Coin.” Dimon himself is a well-known bitcoin critic who has in the past called the flagship cryptocurrency a fraud, even though he later on revealed he regretted the comment.

Featured image via Unsplash.