Why is Litecoin price up today?

Litecoin price hits 14-month high

LTC price jumped about 8.3% on July 2 to $116, its highest since April 2022. Its week-to-date returns climbed to over 30%, making it the best week for Litecoin since November 2021.

LTC/USD daily price chart. Source: TradingView

Traders have flocked to purchasing Litecoin in the weeks leading up to its halving on Aug. 3. The event will effectively reduce Litecoin network’s mining reward per block from 12.5 LTC to 6.25 LTC and theoretically reduce the amount of new supply.

For instance, independent market analyst Crypto Tony believes Litecoin can rally toward $140 ahead of the halving. Michael van de Poppe, another analyst, expects the price to reach $200 around the event.

Each Litecoin halving preceded a volatile price rally, suggesting that a similar scenario is possible if history repeats.

EDX Markets launch, Bitcoin ETF applications

In addition to the halving, Litecoin price rallied due to its listing on EDX Markets, a new institutional crypto exchange backed by firms including Citadel Securities, Fidelity Digital Assets and Charles Schwab Corp.

Furthermore, BlackRock’s Bitcoin ETF filing with the SEC, which prompted other top financial institutions to do the same, has given Litecoin and other crypto assets a boost. LTC price has jumped over 60% since the announcement on June 15.

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Author: Yashu Gola

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