As the crypto market recovers, investors are flocking 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 like Fidelity Digital Assets, Charles Schwab, and Citadel Securities. However, it was on Friday that Litecoin truly broke out, skyrocketing by a staggering 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 following the Litecoin halving event scheduled for August. Lee’s forecasted LTC/BTC price ratio stands at 0.025, anticipating at least a 10% surge in LTC’s value against BTC. Presently, LTC/BTC trades at a much lower level of 0.003, clearly leaving room for potential growth.
From $72 to $100K- What’s driving LTC Rally?
The Litecoin halving is set to occur on August 2, which will reduce the block reward from 12.5 coins per block to 6.25 coins per block. The anticipation of this event, combined with a surge in network activity and a new all-time high in hash rate, has already pushed LTC price up by over 50% in June, rising from a low of $72 to a high of $110.80.
Interestingly, IntoTheBlock reported that Litecoin processed almost half a million daily transactions for the first time in this quarter. Litecoin’s transaction count nearly matched Bitcoin’s daily transactions in May. Whereas, EDX Markets’ support 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 transactions of whales accumulating LTC worth millions on Binance.
Will LTC Surpass the $100 Mark?
But it is not only Charlie Lee’s prediction that has this bullish sentiment. Veteran trader Peter Brandt has also noted the breakout above the yearly high of $110, which has now become a strong support level. In addition to price action, indicators are also suggesting the potential for a massive rally in LTC price.
Another expert, Scott Melker, known as “The Wolf Of All Streets,” has highlighted SEC Chair Gary Gensler’s acknowledgment of Bitcoin, Ethereum, Litecoin, and Bitcoin Cash as commodities. Melker warns that if the US crypto industry does not push back, Americans might be left with only these four cryptocurrencies to trade, all on exchanges solely run by Wall Street.
At present, LTC is trading at $109.15, marking a remarkable 15% increase in the last 24 hours. The trading volume has also surged by over 200% during this period, reflecting the growing interest and excitement surrounding Litecoin’s potential rally.
Are you ready for Litecoin’s moon mission? Or it’s just hype to divert attention from BTC? Tell us.
