In the wake of a possible crypto market recovery, that seemed to begin with the filing of BlackRock iShares Spot Bitcoin ETF, followed by the launching of EDX Markets, a new crypto exchange backed by industry heavyweights like Fidelity Digital Assets, Charles Schwab, and Citadel Securities, implying that crypto projects rally seasons may be imminent.
On its part, Litecoin failed to meet up with the crypto market hype until Friday, when it surged by 30%, exceeding the critical support level at $100. A well-known trader Peter Brandt is also bullish on the price of the digital asset.
Read Also: Litecoin (LTC) To Breakout Soon After Years of Accumulation, Expert Analysts Forecast
In June, the LTC price spiked by over 50%, shifting from a $72 low to a $110.80 high. Many factors appeared to have contributed to Litecoin’s rise in worth. The most significant factor is the halving event set to hold on August 2, which will decrease the block reward from 12.5 coins per block to 6.25 coins per block.
In light of the anticipated halving event, whales seem geared up in expectation. The whale alert already has records of numerous transactions of whales stacking LTC estimated to be worth millions on Binance.
Meanwhile, in a more exciting update, Litecoin reportedly processed about half a million transactions for the first time since this quarter started, almost matching Bitcoin’s May daily transactions.
Per Peter Brandt, the annual $110 price high has become a strong support level. Also, in addition to price action, indicators seem to imply the potential for a bullish run in LTC price soon.
Read Also: MoneyGram Launches New Service to Enable the Purchase of Bitcoin, Ethereum, and Litecoin
Scott Melker, popularly known as the wolf of all streets, noted SEC’s chairman’s acknowledgment of Bitcoin Cash, Ethereum, Bitcoin, and Litecoin as commodities, could also contribute to LTC price growth.
Melker cautioned that should the crypto community fail to fight off the SEC’s unyielding security stance, Americans might end up trading only the four cryptocurrencies mentioned above.
Per CoinGecko, Litecoin’s price today is $108.07 and reflects a decline of 3.9%. In the past week, it recorded maximum and minimum price levels at $113.91 and $82.63, respectively. LTC price movements are testimonies of an impressive market trend that would attract more users to the crypto project.
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