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%.
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.
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.”
