As the crypto market recovers, investors flock to Litecoin. The excitement began with the filing of BlackRock iShares Spot Bitcoin ETF and the launch of EDX Markets, a new crypto exchange backed by industry heavyweights such as Fidelity Digital Assets, Charles Schwab and Citadel Securities. However, it was on Friday that Litecoin really broke out, skyrocketing by as much as 30% and surpassing the crucial $100 level.
But will Charlie Lee’s prediction of a 700% rally in Litecoin price come true? He previously stated that LTC would outperform Bitcoin after the Litecoin halving event scheduled for August. Lee’s predicted LTC/BTC price ratio stands at 0.025, anticipating an increase in the value of LTC against BTC by at least 10%. Currently, LTC/BTC is trading at a much lower level of 0.003, which clearly leaves room for potential growth.
From $72 to $100,000- What’s Driving LTC Rally?
Litecoin’s halving is set to prevent on August 2, reducing the block reward from 12.5 coins per block to 6.25 coins per block. The anticipation of this event, combined with an increase in network activity and a new all-time high in hash rate, has already sent the LTC price up more than 50% in June, from a low of $72 to a high of $110 .80.
Interestingly, IntoTheBlock reported that Litecoin processed nearly half a million daily transactions for the first time this quarter. Litecoin transactions almost matched Bitcoin’s daily transactions in May. While support from EDX Markets and the SEC’s designation of Litecoin as a commodity have helped LTC prices rise recently.
Furthermore, whales seem to be positioning themselves for the upcoming halving event as Whale Alert has recorded numerous whale trades that have accumulated LTC worth millions on Binance.
Will LTC surpass the $100 mark?
But it’s not just Charlie Lee’s prediction that has this upbeat sentiment. Veteran trader Peter Brandt has also taken note of the break out above the yearly high of $110, which has now become a strong support level. In addition to price action, indicators also suggest the potential for a massive rally in the LTC price.
Another expert, Scott Melker, known as “The Wolf Of All Streets”, has marked SEC Chairman Gary Gensler recognizes Bitcoin, Ethereum, Litecoin and Bitcoin Cash as commodities. Melker warns that if the US crypto industry doesn’t back down, Americans may be left with just these four cryptocurrencies to trade, all on exchanges controlled solely by Wall Street.
Currently, LTC is trading at USD 109.15, a remarkable 15% increase in the past 24 hours. Trading volume has also increased by more than 200% during this period, reflecting the growing interest and excitement around Litecoin’s potential rally.
Are you ready for Litecoin’s moon mission? Or is it just hype to divert attention from BTC? Tell us.