Litecoin (LTC), ranked #15 on the record of largest cryptocurrencies by market cap, has been flexing its muscle groups these days, rising its worth by 46% in barely over two weeks.
The asset, usually overshadowed by flashier rivals resembling Bitcoin (BTC), is using a wave of investor optimism, registering $9.6 billion in day by day on-chain transaction volumes per information from Santiment.
Litecoin Features Momentum Amid ETF Hypothesis
Whereas Bitcoin and Ethereum usually dominate crypto headlines, LTC has been quietly constructing momentum. In accordance with Santiment, between February 2 and February 19, its market cap went up by 46%, fueled by elevated community utility and institutional curiosity.
The excitement isn’t simply hypothesis. Not too long ago, Bloomberg analysts James Seyffart and Eric Balchunas urged there was a 90% likelihood of the U.S. Securities and Change Fee (SEC) approving exchange-traded funds (ETFs) monitoring Litecoin. The percentages of this product hitting the market are a lot greater than these of bigger capped cryptocurrencies, together with Dogecoin (DOGE), Ripple (XRP), and Solana (SOL).
Canary Capital has filed to record a Litecoin ETF, with the SEC acknowledging the submitting and initiating its overview course of. If authorised, it could permit mainstream traders to realize publicity to LTC with out managing personal keys or holding the asset immediately.
In Santiment’s view, an LTC ETF wouldn’t solely open the floodgates for institutional funding but in addition make it extra seemingly for the opposite altcoins to be tied to related monetary merchandise.
On-Chain Exercise and Market Impression
Past the ETF noises, Litecoin’s $9.6 billion value of on-chain buying and selling exercise over the previous week is exceptional. The identical metric had a price of $2.8 billion simply six months in the past, that means its present state is a 242% enchancment from that interval.
In the meantime, market watchers have predicted LTC’s subsequent value goal at $140, with a possible rally towards $170 if momentum continues. On the time of writing, the coin was altering arms at simply above $133, a 3.4% enchancment on its degree 24 hours in the past. Throughout 12 months, the cryptocurrency’s value is up greater than 94%, pushing its market worth previous the $10 billion mark.
Though that hardly compares to Bitcoin’s almost $2 trillion market cap, the OG crypto’s current dip to a two-week low of $93,500 noticed it outperformed by Litecoin, which additionally did considerably higher than the broader crypto market, which is up a mere 0.60%.
SPECIAL OFFER (Sponsored) Binance Free $600 (CryptoPotato Unique): Use this hyperlink to register a brand new account and obtain $600 unique welcome provide on Binance (full particulars).
LIMITED OFFER for CryptoPotato readers at Bybit: Use this hyperlink to register and open a $500 FREE place on any coin!