ETF Hopes Got Litecoin Feeling 💯 But Is It All A Mirage?

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Litecoin‘s price went 🚀on January 30th, coz folks are betting 🎲that the SEC will give a thumbs up to a spot ETF. Can you believe it?!

LTC 📈ed by over 12%, hitting a high of $135. That’s a 165% jump from its lowest point in 2024. Talk about a comeback kid! 🙌

Polymarket’s odds of a spot LTC ETF approval are sky-high at 86%. Most peeps seem convinced that the SEC will say “yes” before the year ends. After all, the SEC gave a nod to Canary’s LTC ETF application and even opened it for public comment. 🗣️

First alt coin 19b-4 to be acknowledged, rest were told to withdraw by Genz SEC. Throw in the comments from SEC on the S-1 and this filing is by far the furthest along checking all the boxes. Q now is will this SEC wait the full 240 days or approve more rapidly. Unknown.

— Eric Balchunas (@EricBalchunas) January 29, 2025

The SEC might just approve the fund because Litecoin is like Bitcoin‘s 🍩. It’s a Bitcoin hard fork, except it has a max supply of 84 million coins compared to Bitcoin’s 21 million. 🤔

LTC’s price is set to climb higher if the ETF gets approved, thanks to the anticipation of more institutional demand. 🤑

But here’s the thing…there’s a chance that Litecoin’s ETF might not get much love from big-time investors. Current data shows they’re still all about spot Bitcoin ETFs. SoSoValue data tells us that spot Bitcoin ETFs have raked in nearly $92 billion, making their total assets under management a whopping $121 billion. The iShares Bitcoin ETF alone holds almost $60 billion. 🤯

Ethereum ETFs have seen $2.66 billion in inflows and now hold $11.8 billion in assets. Before converting into an ETF, the Grayscale Ethereum Trust had close to $10 billion in assets. This suggests that institutional investors have eyes only for Bitcoin funds. As a lesser-known crypto, Litecoin’s ETF demand might just be a 🐢.

Litecoin Price Analysis

The weekly chart shows that LTC’s price has been playing it cool over the past few weeks. It’s hovering just above the key support level at $115.15, which was the highest swing in May 2023 and April 2024. This price level coincides with the upper boundary of the ascending triangle pattern and the 23.6% Fibonacci retracement level. 🔢

Litecoin has entered the second phase of the Elliott Wave formation. The upcoming third wave could be a doozy and might push LTC toward the 61.8% retracement level at $271.45, which would be a 100% gain from current levels. 🎉

However, if Litecoin’s price dips below the psychological support level of $100, the bullish vibe will be 🚫.

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2025-01-30 17:33