The price of Litecoin skyrocketed over the past three days, hitting its peak in nearly a month.
The cost of Litecoin (LTC) climbed to $126, marking a 26% increase from its lowest point this week. It ranked as the second-strongest performer among cryptocurrencies, with XDC Network (XDC) taking the top spot.
The increase in Litecoin’s value is largely due to growing optimism that the Securities and Exchange Commission may grant approval for a Litecoin ETF proposed by Canary Capital.
According to a recent post by Eric Balchunas, a Senior ETF Analyst at Bloomberg, it appears that the Securities and Exchange Commission (SEC) has provided feedback to Canary regarding their fund. This feedback could potentially indicate that the SEC might eventually give its approval for the fund.
Previous reports indicated that the Litecoin S-1 submission had received feedback from the Securities and Exchange Commission (SEC). This appears to align with our assumption that Litecoin could be the next digital coin to gain approval. However, it’s important to note that a new SEC chair has not yet been appointed, which introduces a significant degree of uncertainty.
— Eric Balchunas (@EricBalchunas) January 15, 2025
Compared to other contenders such as Hedera Hashgraph (HBAR) and Solana, Litecoin, a spin-off of Bitcoin, seems to have a better shot at gaining approval. The reason being, networks like HBAR and Solana, with their proof-of-stake mechanisms and staking features, are often viewed by the Securities and Exchange Commission as potential unregistered securities.
According to a recent Polymarket survey involving around $10,000 worth of assets, the probability of approving a Bitcoin-like ETF increased to 60%, marking an upgrade from the 40% recorded earlier this week.
Experts believe that the Securities and Exchange Commission (SEC), during Paul Atkins’ leadership, may take a more supportive approach towards approving cryptocurrency exchange-traded funds (ETFs) compared to the stance taken during Gary Gensler’s term.
As a crypto investor, I ponder if a Litecoin Exchange-Traded Fund (ETF) would draw substantial funds from institutional investors. The numbers suggest that these big players predominantly favor Bitcoin, with an impressive $120 billion in assets under management, far outweighing Ethereum‘s $12 billion.
Litecoin price analysis
Over the recent days, the daily graph indicates a dramatic increase in LTC’s price, suggesting a parabolic trend. This upward surge followed the formation of a double-bottom pattern around the $96 mark. Now, it has climbed beyond the neckline of this pattern at $117.17, reaching its highest point since January 6.
Litecoin is being bolstered by the 100-day moving average, and both the RSI and MACD indicators indicate a positive trend. As such, it’s expected that the coin will keep climbing since bulls aim for the next significant level at $146, which was its peak on Dec. 5. This goal represents an approximately 18% price jump from the current value.
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2025-01-16 20:20