• Litecoin’s price has recently skyrocketed, surpassing the $100 mark.
• The excitement is driven by the filing of BlackRock iShares Spot Bitcoin ETF and the launch of EDX Markets.
• Veteran trader Peter Brandt and Charlie Lee both predict that LTC will experience further growth in its value.
Litecoin Price Surges Above $100
Litecoin (LTC) has been on a tear recently, with its price surpassing the key level of $100. This surge in value is being attributed to the filing of BlackRock iShares Spot Bitcoin ETF and the launch of EDX Markets. The upcoming halving event scheduled for August 2nd is also driving up demand for LTC as investors position themselves for potential gains from this event.
Whales Positioning Themselves Before Halving Event
Whale Alert data shows that whales have been accumulating large amounts of Litecoin worth millions on Binance over the past few weeks, suggesting that they are expecting a bullish move post-halving event. Furthermore, IntoTheBlock reported that Litecoin recently processed almost half a million daily transactions for the first time ever this quarter – nearly matching Bitcoin’s daily transactions in May.
Charlie Lee Predicts 700% Rally For LTC Price
Charlie Lee previously stated that LTC would outperform Bitcoin following the halving event, forecasting an LTC/BTC ratio of 0.025 – which would represent at least a 10% surge in LTC’s value against BTC from its current level of 0.003. He also predicted a 700% rally in Litecoin price prior to August 2nd.
Peter Brandt Sees Further Gains Ahead
Veteran trader Peter Brandt has noticed Litecoin’s breakout above its yearly high of $110, which now acts as strong support level for further gains ahead. He noted that if this support remains intact then it could be indicative of further upside momentum for Litecoin prices going forward.
SEC Designates LTC as Commodity
Finally, recent news that SEC designated Litecoin as a commodity helped to spur investor interest in it even more – pushing up its prices even higher than before and opening up more opportunities for trading it on regulated exchanges like EDX Markets or Bakkt futures market under CFTC’s oversight..