Key Insights
- Litecoin price outperformed other crypto assets and surged over 14% in a month.
- Litecoin’s daily transactions surged over 243% in the last five months.
Yesterday, the Litecoin (LTC) price surged more than 8%. This happened as Litecoin ETF was listed on the Depository Trust and Clearing Corporation (DTCC) system under the ticker LTCC. However, later, it pulled back, and a slight profit booking was witnessed during the intraday session.
At press time, LTC price was trading at $128.29, witnessing a decline of over 3.40% in the past 24 hours. Its market cap stood at $9.68 Billion and ranked 15th in the overall market.
ETF Listing Drive Bullish Sentiment for Litecoin Price
The DTCC registered Canary Capital’s proposal for a Litecoin ETF with the ticker “LTCC.” It did this to demonstrate its readiness for future market launches. With trillions of dollars in daily transactions under its management, DTCC is an essential component of securities trading processes.
The Litecoin Foundation acknowledged that the DTCC listing represents a fundamental step toward fund launch readiness. However, it doesn’t ensure official approval. Bloomberg ETF analysts Eric Balchunas and James Seyffart predict a 90% possibility of Litecoin ETF approval by the end of 2025.
Following the DTTC listing news, Litecoin price surged more than 8%. Moving ahead, the token experienced bullish sentiment among the market participants.
Despite the market headwinds, LTC price held ground. Moreover, the token outperformed that of BTC and ETH, showcasing outperformance.
Litecoin’s Network Activity Surges: Bullish Signals for LTC?
The daily transaction activity on the Litecoin network skyrocketed to $9.6 Billion. This happened due to heightened excitement about the US-listed Litecoin ETF. Santiment on X revealed how network utilization drove a 46% increase in Litecoin market capitalization from February 2 to February 19.
Since late August, Litecoin has seen an astounding 243% increase in transaction volume. It processed $2.8 billion in daily transactions before rising to a new record of $9.6 Billion.
Litecoin’s Social Buzz Crosses 1.9%: Can It Fuel a Rally?
Litecoin crypto social activity was on the rise and crossed 1.9%. This marked the highest LTC share since February 29, 2024. Volume reached 1.45M LTC, suggesting heightened trading interest.
Moreover, crypto analyst Ali Martinez reported in his X post that large investors or whales have continued accumulating. They have bought over 930,000 LTC in the last two weeks.
As smart money accumulates, Litecoin price eyes a breakout and prepares for an upward move.
Litecoin Price Prediction: What Are the Charts Saying?
LTC has faced a resistance barrier of $140 for the past few weeks. Furthermore, the token made multiple tops there. However, with the recent surge in demand and rising ETF buzz, the trading volume surged exponentially.
With rising volume, Litecoin price could see a bullish leg up ahead. The analysis highlighted that it was on the verge of a breakout. In the case of a successful upward move, a rise toward $170 and $190 could be seen.
Disclaimer
In this article, the views and opinions stated by the author or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
