**Litecoin Experiencing FOMO Rally Amid Crypto Market Recovery**
Litecoin, a leading cryptocurrency, is currently experiencing a FOMO (Fear of Missing Out) rally following a recovery in the broader crypto market. This rally was triggered by several key events, including the filing of the BlackRock iShares Spot Bitcoin ETF and the launch of the crypto exchange EDX Markets. Notably, EDX Markets is backed by prominent institutions such as Fidelity Digital Assets, Charles Schwab, and Citadel Securities. However, the breakout came on Friday when the price of Litecoin surged by 30%, surpassing the $100 level.
**Will Litecoin Creator Charlie Lee’s Prediction Of 700% Rally Come True?**
Charlie Lee, the creator of Litecoin, predicted that LTC would outperform Bitcoin following the Litecoin halving event in August. He anticipated at least a 10% rally in the price of LTC against BTC, with the LTC/BTC price reaching 0.025. However, the current LTC/BTC price is trading at 0.003, significantly below the targeted level.
The Litecoin halving, set to take place on August 2 at 20:34:57 UTC, is expected to have a major impact on the cryptocurrency. Currently, the LTC block reward stands at 12.5 coins per block and will be reduced to 6.25 coins per block after the halving.
**Potential Catalysts for Litecoin Price Rally**
In June, the price of LTC increased by over 50%, rising from a low of $72 to a high of $110.80. This surge was fueled by a rise in network activity and hash rate, as well as the support for Bitcoin, Ethereum, Litecoin, and Bitcoin Cash trading on the EDX Markets exchange. Additionally, the US Securities and Exchange Commission (SEC) clarified that Litecoin is not considered a security, which further contributed to the rally in LTC price.
Furthermore, IntoTheBlock reported that the Litecoin network processed over half a million daily transactions for the first time in the quarter on Friday. In fact, Litecoin had nearly the same number of transactions as Bitcoin for the entire month of May.
Whales, or large investors, continue to accumulate LTC as the halving event approaches. Whale Alert recorded several transactions where whales purchased millions worth of LTC from Binance.
**Expert Analysis on LTC Price**
Well-known trader Peter Brandt highlighted that LTC price broke a yearly high above $110, indicating that resistance has turned into strong support. Along with favorable price action, indicators also suggest the potential for a massive rally in the price of LTC.
Scott Melker, known as “The Wolf Of All Streets,” emphasized that SEC Chair Gary Gensler had previously stated that BTC, ETH, LTC, and BCH are considered commodities. Melker urged the US crypto industry to resist regulatory pressure, warning that without resistance, Americans would be left with only a few cryptocurrencies to trade, all of which would be controlled by Wall Street.
As of now, LTC is trading at $109.15, exhibiting a 15% increase in the last 24 hours. The lowest and highest prices within this period were $91.73 and $110.80, respectively. Additionally, the trading volume has surged by over 200% in the past 24 hours.
The opinions expressed in this article are the author’s personal views and are subject to market conditions. It is essential to conduct thorough market research before investing in cryptocurrencies. The author and the publication bear no responsibility for any personal financial losses incurred.
Source: [CoinGape – Is Litecoin Price Poised for 700% Rally? Legendary Trader Peter Brandt Says This](https://coingape.com/is-litecoin-price-poised-for-700-rally-legendary-trader-peter-brandt-says-this/)