As a seasoned analyst with over two decades of experience in the financial markets, I have seen countless trends and cycles come and go. However, the resurgence of Litecoin (LTC) has piqued my interest more than usual.
For a moment, Litecoin saw an uptick, pushing its value beyond $73 – a level not seen since July. Throughout the week, this digital currency added approximately 12% to its worth.
This marks its first notable breakout from Bitcoin and altcoins since the spring.
Litecoin Poised for a Comeback?
Based on the most recent findings by Santiment, it seems that two primary aspects are driving the current bullish momentum in Litecoin.
Litecoin is currently experiencing an upswing, surpassing $73 for the first time since July. This marks its initial significant separation from Bitcoin and other altcoins since the spring season. The primary reasons behind this are:
LTC’s continued rise of on-chain transaction volume, which has nearly crossed $4B…
— Santiment (@santimentfeed) October 17, 2024
This week, Litecoin’s transaction volume almost hit $4 billion – the peak level seen since June 3, 2023.
The surge in both cost and user involvement suggests that there’s an increasing fascination with Litecoin, fueled by heightened network usage and renewed attention from individual investors.
Alongside an increase in its price, Litecoin marked its 13th birthday on October 7th, setting a new record for 77 million transactions processed throughout the year.
Originally occupying one of the top 10 spots among cryptocurrencies, Litecoin now finds itself ranked 26th, boasting a market capitalization of approximately $5.41 billion according to CoinGecko’s data. However, despite this decline in its position, there are signs suggesting that Litecoin could stage a resurgence.
Could Litecoin’s Resurgence Attract Institutional Investors?
The impetus behind this momentum is the prospective institutional interest that has led Canary Capital Group to apply for a Litecoin Exchange-Traded Fund (ETF). Canary Capital Group, a fresh investment company specializing in digital assets, was founded by Steven McClurg – a previous co-founder of Valkyrie Funds.
The firm recently filed the first Form S-1 for the same with the US Securities and Exchange Commission (SEC). If it secures approval, the ETF will provide direct exposure to Litecoin for both institutional and retail investors.
Discussing the possibility of Large-Scale Cryptocurrency (LTC) being embraced by institutions, Canary Capital shared with Fox Business their viewpoint.
Since its launch, Litecoin has consistently run without interruption and boasts a solid history of security and dependability. This is backed by numerous enterprise-level applications. Given its robust base, Litecoin remains a key player in the larger cryptocurrency market. Canary sees this consistent performance as potentially appealing to more institutional investors.
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2024-10-18 19:12