Litecoin (LTC) Surges 46% in Just 2 Weeks on ETF Buzz – Crypto News – Crypto News
Connect with us

Cryptocurrency

Litecoin (LTC) Surges 46% in Just 2 Weeks on ETF Buzz – Crypto News

Published

2 days ago

on

Litecoin (LTC), ranked #15 on the list of largest cryptocurrencies by market cap, has been flexing its muscles lately, growing its value by 46% in slightly over two weeks.

The asset, often overshadowed by flashier rivals such as Bitcoin (BTC), is riding a wave of investor optimism, registering $9.6 billion in daily on-chain transaction volumes per data from Santiment.

Litecoin Gains Momentum Amid ETF Speculation

While Bitcoin and Ethereum often dominate crypto headlines, LTC has been quietly building momentum. According to Santiment, between February 2 and February 19, its market cap went up by 46%, fueled by increased network utility and institutional interest.

The buzz isn’t just speculation. Recently, Bloomberg analysts James Seyffart and Eric Balchunas suggested there was a 90% chance of the U.S. Securities and Exchange Commission (SEC) approving exchange-traded funds (ETFs) tracking Litecoin. The odds of this product hitting the market are much higher than those of larger capped cryptocurrencies, including Dogecoin (DOGE), Ripple (XRP), and Solana (SOL).

Canary Capital has filed to list a Litecoin ETF, with the SEC acknowledging the filing and initiating its review process. If approved, it would allow mainstream investors to gain exposure to LTC without managing private keys or holding the asset directly.

In Santiment’s view, an LTC ETF would not only open the floodgates for institutional investment but also make it more likely for the other altcoins to be tied to similar financial products.

On-Chain Activity and Market Impact

Beyond the ETF noises, Litecoin’s $9.6 billion worth of on-chain trading activity over the past week is remarkable. The same metric had a value of $2.8 billion just six months ago, meaning its current state is a 242% improvement from that period.

Meanwhile, market watchers have predicted LTC’s next price target at $140, with a potential rally toward $170 if momentum continues. At the time of writing, the coin was changing hands at just above $133, a 3.4% improvement on its level 24 hours ago. Across 12 months, the cryptocurrency’s price is up more than 94%, pushing its market value past the $10 billion mark.

Although that barely compares to Bitcoin’s nearly $2 trillion market cap, the OG crypto’s recent dip to a two-week low of $93,500 saw it outperformed by Litecoin, which also did significantly better than the broader crypto market, which is up a mere 0.60%.

SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending