Lots of positive news for Litecoin this month; from competitive market cap rankings, to LTC reaching its highest price in 12+ months.
Beyond the 2019 Litecoin Summit event however there is little in the way of big announcements, as everybody is waiting to see how the much-anticipated Bitcoin halving is handled by the platform (and others).
CoinMarketCap: Litecoin Takes #4 Market Cap Spot From Bitcoin Cash (#5)
On June 7th, the Market Cap of Litecoin surpassed that of Bitcoin Cash – earning it fourth place in overall rankings for cryptocurrencies. It now sits just ahead of Bitcoin Cash and just behind XRP (which has around double the Market Cap of Litecoin at the time of publication).
This growth continues still by the time of writing, and has reportedly surpassed its highest price record for a 12 month period.
Litecoin Hashrate Keeps Reaching New Highs
Much like the LTC price and market cap, Litecoin has seen great increases in hash-rate over the past week. Litecoin.com reported that it had reached an all-time high on June 4th 2019, with CoinRivet claiming another record.
According to the latter, on June 10th, Litecoin’s hash-rate “reached an all-time high” of over 400 TH/s – conversely, mining difficulty is currently at an all-time high. CoinRivet speculates that these may be reduced upon Bitcoin’s halving event.
Many publications (including the now-defunct CCN *) have been reporting a similar line that links this increased hash-rate to rumours of a new ‘ L5 Bitmain ASIC Scrypt miner’ – however this seems like a stretch, because there is no solid evidence to support this.
* Update: CCN continues operation.
Lineup Revealed: Litecoin Summit 2019
Although the second annual ‘Litecoin Summit’ was announced earlier this year, the first details regarding its various speakers and active participants were just released recently.
Litecoin Summit 2019 will take place between October 28th and 29th at The Cosmopolitan hotel in Las Vegas, and will be part of ‘Vegas Blockchain Week’ (which itself takes place October 28th to November 1st).
According to the official Litecoin Foundation website,
“From Litecoin creator, Charlie Lee, legendary investor & cryptocurrency bull, Tim Draper, and world-class athletes and crypto converts like NASCAR’S Landon Cassill and the UFC’s Ben Askren.“
“Attendees of all levels will have a chance to sharpen their knowledge, make impactful connections, and prepare for the crypto revolution.”
This year’s Litecoin Summit boasts a diverse lineup which includes experts and crypto personalities from all over the world.
The full line-up at present is as follows (divided for your convenience into different categories):
- Litecoin Foundation
- Charlie Lee – Creator of Litecoin and Managing Director (Litecoin Foundation)
- Xinxi Wang – Director
- Franklyn Richards – Director
2. Top Billing
- Tim Draper – Founding Partner (Draper Associates and DFJ)
- Anthony Pompliano – Co-founder & Partner (Morgan Creek Digital)
- Caitlin Long – Governor Appointee (Wyoming Blockchain Coalition)
- Whale Panda – Angel Investor
- Mati Greenspan – Senior Market Analyst (eToro)
- Samson Mow – CEO (Pixelmatic)
3. Athletes Panel to discuss how cryptocurrency is making its way into professional sports
- Ben Askren – Professional MMA (UFC)
- Landon Cassill – Driver (Nascar)
- Tyler Adkison – Hedge Fund Manager (BlockTerra) & Former LA Dodger
- CJ Sapong [Pending Playoffs] – Professional Soccer Player (Chicago Fire)
4. Secondary Billing
- Brian Hoffman – CEO (Openbazaar)
- Eric Brown – CEO (Aliant Payments)
- Trey Griffith – Founder (Sparkswap)
- Justin Camarena – Lightning Lead (Bitrefill)
- Andrew Yang – Director of Marketing and Partnerships (Alto Financial) & 2020 US Presidential Candidate
- Didi Taihuttu – Father of The Bitcoin Family (The Bitcoin Family)
- Derek Capo – CEO (Token Pay)
- Chris Kline – COO (Bitcoin IRA)
- Vesa Kivinen – Crypto artist and Founder (artforcrypto.com)
- Blake Rizzo – Blockchain and Digital Securities Attorney (Blake E. Rizzo Law Firm)
- John Kim – The Evangelist (Litecoin Foundation)
- Dan Gambardello – Crypto Capital Venture
- Jon Moore – VP (Nationwide Merchant Solution)
- Justin Wu – Founder and CMO (Coinstate and Rebel Cards)
- Wendy O – Founder (Beyond Associates)
- Michael Nye – Host (Evolvement Podcast)
- Bix Weir – Host (RoadtoRoota)
- Nation Leung – Session Director (Altcoin Buzz & DB Casting)
- Wild West Crypto Show – Crypto Podcast (Wild West Crypto Show)
- Naomi Brockwell – Emcee (NBTV)
- Brian Haggerty – Speaker, Educator, Author (Aliant Payments)
Andrew Yang; director of marketing and partnerships at Alto Financial, Litecoin Summit 2019 speaker and 2020 US presidential candidate, recently (June 6th) tweeted out a photograph indicating a face-to-face meeting between the two suggesting that active collaboration may be in the works.
Last year’s First Annual Litecoin LTC Summit Recap:
Chinese Cryptocurrency Exchange Celebrates Litecoin Halving With Promotional Giveaways
Chinese cryptocurrency exchange OKEx has announced that, in celebration of this halving event, it will be launching seven ‘campaigns’ “including million-dollar giveaways”.
As you can see from their linked page as well as this recent press release, OKEx aren’t exactly known for their strong English communication skills with regard to marketing; so here is a summary of some of these promotional activities…
i.) €65,000 value airdrop to celebrate the occasion
- Users with minimum 2 LTC net deposit
- Will receive around €2.6 – equivalent [out of €26,000]
- Users who have traded a minimum accumulated amount of 0.5 LTC on the fiat-to-token (C2C) market
- Will also get a random amount of bonus between 1-100 USDT-equivalent of tokens out of the €39,000 value bonus pool
ii.) Mine LTC in OK Mining Pool – for Free DOGE (1:1500)
Litecoin halving (or ‘halvening’) is a systematic process which occurs every 840,000 blocks, and will see the block mining reward decrease from 25 to 12.5 LTC. The next one of these halvings is set to take place soon: on August 6th 2019.
The greatest questions that have yet to be answered pertain to the implications of the halving event. Best case scenario: the coin gets a small appreciation in value – although the inflation seen recently suggests a post-halving sell off.
On the one hand there are many who speculate that the significant decrease in rewards for miners of Litecoin will be a detriment such that a large number of miners would be incentivized to move to another coin.
Others believe that the lack of viable alternatives for those using Scrypt-dedicated ASIC mining hardware will force them to stay onboard.
Litecoin Onchain usage is growing as transaction numbers and values rise
“Average Tx value has also seen an increase from around $7k to $20k with a peak at $47k… Active Addresses have also seen a rise and peaked at over 80k.”
This falls in line with the continuing trend of rapid value appreciation for LTC on the market – which appears to have a relation to the highly anticipated halving event.
Litecoin (LTC) has seen a steady rise in price and market cap over the past months.
Information correct as of 00:40 AM, 14th June 2019