While the recovery in the cryptocurrency market continues Litecoin The price also recorded a remarkable rally. The rally kicked off with the BlackRock iShares Spot Bitcoin ETF application and the launch of crypto exchange EDX Markets, backed by Fidelity Digital Assets, Charles Schwab and Citadel Securities. While the price rallied about 30% in a short time, it is trading around $107 and finally managed to break the $100 level.
Will Litecoin Inventor Charlie Lee’s 700% Rally Predict Be Correct?
Litecoin inventor Charlie Lee predicted that LTC would outperform Bitcoin after the halving event in August. He predicted that there would be an increase of at least 10% in LTC price against BTC and that the LTC/BTC price would be 0.025. Currently, LTC/BTC price is trading at 0.003 level, well below the target price.
The halving event is expected to take place on August 2. Currently, the LTC block reward will drop to 12.5 coins per block and 6.25 coins per block post-halving.
Litecoin price It rose more than 50% from $72 to $107 in June. On June 30, the price increased by 30% due to the surge in network activity and the hash rate reaching a new high. EDX Markets supporting Bitcoin, Ethereum, LTC and Bitcoin Cash trading and the US SEC’s refusal to see Litecoin as a security are also among the factors that have helped the LTC price rise.
IntoTheBlock reported on Friday that the Litecoin network processed over half a million daily transactions for the first time this quarter. Actually altcoinhad almost the same number of transactions as the number of daily Bitcoin transactions for the entire month of May.
The activity of whales draws attention with the few days before the halving event. According to the latest data, millions of dollars worth of LTC were sold on Binance and these were bought by whales.
Trader Peter Brandt pointed out that LTC price managed to turn a strong resistance to support by breaking the $110 level. This is a good sign for potential rallies. signal.
major breakout $LTC pic.twitter.com/YDvuopLUhN
— Peter Brandt (@PeterLBrandt) July 1, 2023
You can follow the current price action here.