In the wake of the meltdown of crypto exchange FTX, Litecoin (CRYPTO: LTC) is one of the only top cryptos that is moving higher right now. While Litecoin is up more than 40% during the past 30 days, traditional market stalwarts like Bitcoin and Ethereum are both down about 25% over that same time period.

Litecoin is currently trading at about $78, and given its recent trajectory, some traders are already suggesting that Litecoin could hit $100 within a few months. This would imply another rise of almost 40%. That might sound overly optimistic, but there is one major catalyst coming in August 2023 that could make that lofty price target possible within the next year.

The key driver of recent price gains is called halving, and it is one of the most interesting features of a proof-of-work cryptocurrency such as Litecoin. In a halving, there is a change in the supply of the crypto that is determined by an algorithm. This directly affects miners, because the reward for producing new coins is cut in half. 

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Source Fool.com