Amid speculation surrounding a recovery in the crypto markets driven by initiatives such as the launch of EDX Markets, backed by institutional investors including Fidelity, Charles Schwab and Citadel Securities, alongside BlackRock’s filings for an iShares Spot Bitcoin ETF, Litecoin enthusiasm has been on the rise. Friday alone saw LTC prices jump up over 30%, overreaching the all-important support level of $100. Trader Peter Brandt has been among the optimists, highlighting the remarkable over 50% growth marked by LTC from the $72 low to the peak of $110.80 this June. Contributing to the bitcoin project’s rally is the Halving event set for August 2, reducing block rewards from 12.5 coins per block to 6.25 per block, while whales seem eager to increase their stakes.
In fact, records observed via Whale alert point to a significant amount of transactions worth millions on Binance involving LTC in recent days. Some 500,000 transactions have been reportedly processed since this quarter began aboard the famed digital asset, Close to rivaling Bitcoin’s May figures. Meanwhile, Peter Belt tracks LTC at latest annual high of $110, determining it a readied support level. A glance at technical consequences attest to further favorable movement for the crypto valued at $108.07 and -3.9% today.
Equally encouraging is the badge of recognition labeled by the SEC Chairman referencing Bitcoin Cash, Ethereum, Bitcoin, and Litecoin as commodities, expandings the probability of altcoins to blossom, according to Scott Melker dubbed “the Wolf of All Streets”. Innovation investors yet remain vigilant as the regulatory authority firms up its position which could see only four major cryptocurrencies embraced by Americans.
A week ago the price range for Litecoin tracked between a maximum of $113.91 and minimum of $82.63. Despite indication of a probable market upshift progress for the asset, gathering evaluation offer diverse inspirations.
