Litecoin (LTC) is one of the earliest cryptocurrencies to hit the market. The asset reigned over the industry and stayed in the coveted top 10 for a long time. But with the advent of new assets, LTC took a backseat. Currently, the altcoin is the 20th largest cryptocurrency with a market cap of $5.47 billion. But redemption is on the cards for Litecoin as the asset was seen surging once again.
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Factors Driving Litecoin’s Potential Surge
Recent Performance and ETF Developments
Over the past seven days, LTC witnessed a notable spike. The asset rose by 12% and went from trading at around $64 all the way to a high of $75. At press time, LTC was trading at $72.78 with a nearly 3% spike in the last 24 hours.
Litecoin’s uptrend was linked to Canary Capital, revealing that it is pursuing a Litecoin exchange-traded fund (ETF) with the SEC. In an attempt to obtain a green signal for a spot Litecoin ETF, the asset management filed an S-1 application with the U.S. Securities and Exchange Commission (SEC) on October 15.
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Will Litecoin Continue Its Hotstreak Through October?
While things are bullish in the Litecoin ecosystem at the moment, the odds of assets continuing this streak were strong. According to data from CoinCodex, LTC will be able to rise all the way to $100. The firm highlighted that LTC could trade at a maximum price of $100 towards the end of the month. In addition, the average trading price of the altcoin was set at $84.58.
Furthermore, data from CoinMarketCap revealed that 83% of the LTC community was bullish about the asset’s ascent. Only 17% of them were skeptical of this rise.
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