admin • Litecoin (LTC) has recently experienced a surge in price, surpassing the crucial $100 level.
• This rally is largely attributed to anticipation of the upcoming halving event, high network activity, a new all-time high in hash rate, and support from industry heavyweights like Fidelity Digital Assets, Charles Schwab, and Citadel Securities.
• Veteran trader Peter Brandt has also noted the breakout above the yearly high of $110.
Litecoin Price Surge
Litecoin (LTC) has recently experienced a surge in price, surpassing the crucial $100 level. This rally is largely attributed to anticipation of the upcoming halving event, high network activity, a new all-time high in hash rate, and support from industry heavyweights like Fidelity Digital Assets, Charles Schwab, and Citadel Securities. Veteran trader Peter Brandt has also noted the breakout above the yearly high of $110.
Charlie Lee’s Prediction
The excitement began with Charlie Lee’s prediction that LTC would outperform Bitcoin following the Litecoin halving event scheduled for August. Lee’s forecasted LTC/BTC price ratio stands at 0.025 which anticipates at least 10% surge in LTC’s value against BTC. Presently it trades at 0.003 leaving room for potential growth.
What’s Driving The Rally?
The Litecoin halving is set to occur on August 2 which will reduce block reward from 12.5 coins per block to 6.25 coins per block fuelling investor interest further ahead of this event combined with EDX Markets‘ support and SEC’s designation of Litecoin as a commodity helping its prices rise recently while whales have been accumulating millions worth of LTC on Binance indicating strong sentiment towards LTC’s future performance post-halving event.
Peter Brandt’s Outlook
Veteran trader Peter Brandt has also noted the breakout above the yearly high of $110 making it a strong support level leading him to back Charlie Lee’s prediction that there is scope for 700% rally in Litecoin price post-halving .
Conclusion
Overall this article focuses on recent bullish sentiment towards Litecoin due to various factors such as upcoming halving event ,high network activity ,support from major players and whale accumulation indicating strong performance post-halving . Veteran trader Peter Brandt has backed up Charlie lee’s prediction about 700% rally post-halving while noting strong resistance levels at current prices .