Litecoin experiencing a FOMO rally amid a restoration within the broader crypto market. The rally began with BlackRock iShares Spot Bitcoin ETF submitting and launch of crypto alternate EDX Markets backed by Fidelity Digital Assets, Charles Schwab, and Citadel Securities. However, the breakout got here on Friday as LTC worth soared 30%, surpassing the $100 stage.
Will Litecoin Creator Charlie Lee’s Prediction Of 700% Rally To Come Out True?
Litecoin creator Charlie Lee predicted LTC to outperform Bitcoin after the Litecoin halving occasion in August. He predicted a minimum of a ten% rally in LTC worth in opposition to BTC, with LTC/BTC worth at 0.025. Currently, LTC/BTC worth is buying and selling at 0.003, manner under the focused worth.
The Litecoin halving is expected to occur on August 2 at 20:34:57 UTC. Currently, LTC block reward is 12.5 cash per block and can lower to 6.25 cash per block post-halving.
LTC worth has elevated greater than 50% in June, from a low of $72 to a excessive of $110.80. On June 30, worth jumped 30% on account of an increase in community exercise and hash fee hits a brand new excessive. EDX Markets supporting Bitcoin, Ethereum, Litecoin, and Bitcoin Cash buying and selling and the US SEC not contemplating Litecoin as a safety additionally helped convey rally in LTC worth.
IntoTheBlock reported that the Litecoin community processed over half one million day by day transactions for the primary time this quarter on Friday. In truth, Litecoin had virtually the identical variety of transactions because the variety of day by day Bitcoin transactions for your entire month of May.
Whales additionally proceed to build up LTC because the halving occasion approaches. Whale Alert recorded many transactions of whales shopping for LTC value million from Binance.
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Experts’ View on LTC Price
Legendary dealer Peter Brandt noted LTC worth breaking a yearly excessive above $110, turning resistance into robust help. Along with worth motion, indicators additionally level to an enormous rally in LTC worth.
Major breakout $LTC pic.twitter.com/YDvuopLUhN
— Peter Brandt (@PeterLBrandt) July 1, 2023
Meanwhile, “The Wolf Of All Streets” Scott Melker said SEC Chair Gary Gensler earlier stated BTC, ETH, LTC, and BCH are commodities. He urges the US crypto trade to struggle again or else “Americans will be left with only BTC, ETH, LTC, and BCH to trade and on exchanges solely run by Wall Street.”
LTC price is at present buying and selling at $109.15, up 15% within the final 24 hours. The 24-hour high and low are $91.73 and $110.80, respectively. Furthermore, the buying and selling quantity has jumped over 200% within the final 24 hours.
Also Read: Ripple Partner Volante Completes FedNow Testing With Custodian Bank, XRP To $1?
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