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The Litecoin price (LTC/USD) has moved within striking distance of the $100 mark following a stellar Wednesday session.

The fourth-largest digital currency enjoyed some strong price action yesterday, as it surged by nearly 10% to test the $100 level. Having opened at $90.47, the coin posted solid gains during the morning part of the session, with its price rising above the $93 mark. The coin’s rally accelerated during the afternoon, when LTC surged towards the $100 mark. The coin rose to as high as $99.48, which was its highest price level since July 22. Eventually, Litecoin finished the day at $98.51, notching up its highest close in 10 days.

In contrast, Litecoin started today’s session slowly, as it seemed unable to maintain the momentum it had gained on Wednesday. The coin pulled back from its Wednesday highs, falling to as low as $96.01 during the morning portion of the session. However, LTC managed to weather the storm and recover most of its losses during the early afternoon. At the time of writing, the Litecoin price was hovering around the $98 mark, according to data from digital currency tracker Coinmarketcap.

Litecoin’s surge comes just days ahead of the halving of mining rewards for LTC miners. The event, which is expected to happen on August 5, will reduce the amount of LTC tokens given for discovering block on the Litecoin network to 12.5, from 25 currently. This means that the supply of Litecoin is about to become a lot tighter from next week. The upcoming halving has been one of the main reasons behind LTC’s remarkable price rally, which has led the coin more than tripling its value since the start of the year.

In today’s trading, the Litecoin price stood at $98.14, as of 14:07 BST. The digital currency has gained 3.2% in the past 24 hours. The coin’s total market cap currently stands at $6.17 billion.

Featured image: Wit Olszewski / Shutterstock.com

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