Litecoin surged past the $100 mark in an impressive move on Friday, buoyed by a soaring hash rate and growing anticipation of the approaching halving event.
The token is up about 30% in the last seven days and rejoined the top 10 cryptocurrencies by market capitalization, sitting on the 9th with a capitalization of $8 billion.
Such a surge in Litecoin’s price seems to be fueled by a skyrocketing hashrate and mounting anticipation of the upcoming halving event, which is only 30 days away at the time of writing. The estimated date of the third Litecoin halving event is August 2, 2023, when the current block reward for the proof-of-work altcoin will be reduced to 6.25 LTC.
Litecoin had quite an interesting second quarter, setting a new record in transaction count. According to IntoTheBlock, for the first time, the Litecoin network processed over 500,000 daily transactions, which is comparable to the Bitcoins count (Bitcoin reached a record 600,000 transactions per day this quarter).
Meanwhile, prominent analyst Scott Melker highlighted the significance of surpassing horizontal and descending resistance levels on the 1-day timeframe. Melker identified the crucial threshold of $107 as the key level that needs to be overcome for a clear upward trajectory toward higher prices.
“The descending blue line is the key resistance, since the all time high. The blue zone has been the main resistance for over a year. A close above $107 and that zone will be cleared. Keep an eye on this,” — Scott Melker.
