Litecoin Surges 46% in Just Two Weeks on ETF Buzz

Litecoin’s $9.6 billion daily transaction volume indicates expanding utility, while ETF approval probabilities reach 90%, boosting investor confidence.

Litecoin (LTC), placed #15 on the list of the top cryptocurrencies by market capitalization, has been flexing its muscles recently, increasing its value by 46% in just over two weeks.

The currency, which is typically eclipsed by flashier rivals like Bitcoin (BTC), is riding a wave of investor excitement, with daily on-chain transaction volumes of $9.6 billion, according to Sentiment data. 

Litecoin Gains Momentum Amid ETF Speculation

The buzz is more than just speculation. Bloomberg analysts James Seyffart and Eric Balchunas recently predicted that the United States Securities and Exchange Commission (SEC) would approve exchange-traded funds (ETFs) tracking Litecoin 90% of the time. The chances of this product reaching the market are significantly higher than those of larger-cap cryptocurrencies such as Dogecoin (DOGE), Ripple (XRP), and Solana (SOL). Canary Capital filed to establish a Litecoin ETF, and the SEC acknowledged the filing and began the review process. If allowed, it would provide ordinary investors access to LTC without having to manage private keys or hold the asset directly.

On-Chain Activity and Market Impact

Aside from the ETF sounds, Litecoin’s $9.6 billion in on-chain trade activity over the last week is impressive. The identical statistic was worth $2.8 billion six months ago; thus, its current value represents a 242% increase over that period.

Meanwhile, market observers estimate LTC’s next price goal of $140, with a potential rise to $170 if momentum continues. At the time of writing, the coin was trading just around $133, a 3.4% increase from the previous day. Over the last 12 months, the cryptocurrency’s price has increased by more than 94%, putting its market value above $10 billion.

*Crypto-asset investments are high-risk; you may lose your capital.