• Litecoin (LTC) has recently seen a surge in price, breaking above the $100 level and prompting predictions of a 700% increase from Charlie Lee.
• A number of developments have helped fuel this rally, including Litecoin’s halving event, increased network activity, and support from EDX Markets.
• Veteran trader Peter Brandt also noted the breakout above the yearly high and believes that LTC will remain supported around this level.
Litecoin Price Prediction: Peter Brandt Predicts 700% Surge For LTC Price
What is Driving the Litecoin Rally?
The recent surge in Litecoin (LTC) prices has been attributed to a range of developments, including the filing of BlackRock iShares Spot Bitcoin ETF and launch of EDX Markets – a new crypto exchange backed by Fidelity Digital Assets, Charles Schwab, and Citadel Securities. Additionally, anticipation for the upcoming Litecoin halving event on August 2nd is helping to fuel demand as it will reduce block rewards from 12.5 coins per block to 6.25 coins per block. This has already pushed LTC prices up by over 50%, reaching an all-time high of $110.80. Furthermore, IntoTheBlock reported that daily transactions for Litecoin nearly matched those for Bitcoin in May while whales are accumulating large amounts of LTC on Binance ahead of the halving event.
Peter Brandt’s Outlook on LTC Prices
Veteran trader Peter Brandt also noted the breakout above the yearly high and believes that LTC will remain supported around this level. Furthermore, he predicted that there could be further upside potential due to speculation surrounding Charlie Lee’s prediction that LTC would outperform Bitcoin following its halving event – forecasting an eventual ratio between BTC/LTC at 0.025 or higher which would result in at least 10% increase in value against BTC going forward.
SEC Designation & Other Factors
Support from EDX Markets has also been instrumental in pushing up prices recently as well as SEC designation which classified Litecoin as a commodity rather than security – enabling more investors to get involved with this cryptocurrency without worrying about regulatory issues or restrictions..
Will Charlie Lee’s Prediction Come True?
Charlie Lee previously predicted that following its halving event; LTC would experience a 700% rally in price with respect to Bitcoin — currently trading at 0.003 BTC/LTC – leaving plenty room for potential growth if these projections are accurate..
It seems clear that there is still considerable bullish sentiment surrounding Litecoin despite its recent surge in value — driven by various factors such as increasing network activity, support from major industry players like EDX Markets, SEC designation and anticipation for its imminent halving event — leading experts such as Peter Brandt to predict further upside potential going forward based on these signs..