Litecoin jumps 17% in a day as hash rate hits a record

On June 30, Litecoin (LTC) rose above $100. After a pullback, the price cooled, but the daily gain stood at 17.3% (CoinGecko).

On the LTC/USDT chart on Binance, the spike was accompanied by a sharp rise in trading volume. OKX accounted for the largest share of the metric, over 10%, according to CoinGecko.

According to BitInfoCharts, on June 27 the network’s hash rate rose to a record 797.5 TH/s. Over the past 12 months the metric has nearly doubled from about 400 TH/s.

On or around August 4, the network will undergo a halving — the block reward will drop from 12.5 LTC to 6.25 LTC. As with in Bitcoin, Litecoin’s halving occurs every four years.

In the run-up to the halving, in just one week, from June 10 to 17, the number of new addresses on the Litecoin network increased by 54.6%, surpassing 300,000.

On June 20, began operating the EDX Markets exchange, which previously supported Citadel Securities, Fidelity Investments and Charles Schwab. Beyond the two largest cryptocurrencies — Bitcoin and Ethereum — the platform’s listings also included Bitcoin Cash and Litecoin. The BCH price rose 130% over the week and on June 30 reached $307.

In February, the Litecoin network launched a Bitcoin-like Ordinals protocol Ordinals, which allows embedding objects in the form of images, text, video and other formats.

In May, the Litecoin Foundation signed an agreement with the cross-chain-swaps aggregator Rubic.