Litecoin (LTC) has been on a strong upward trend, rising 12.88% in just one day to hit $139.41. Over the past week, it has gained 18%, amid the buzz around possible Litecoin ETF approval hope.
With a market cap of $10.53 billion and 24-hour trading volume spiking 70.94%, valued at $1.86 billion, it’s obvious that investors are paying close attention to Litecoin right now.
On February 10, Nasdaq applied with the U.S. Securities and Exchange Commission (SEC), hoping to list two new cryptocurrency ETFs from CoinShares, one for Litecoin and another for XRP. This filing is a crucial step toward launching new crypto-related financial products.
There’s been growing optimism around a Litecoin spot ETF. Bloomberg analysts are predicting that a Litecoin ETF could have a better chance of getting approved in 2025 than other crypto funds, and that outlook has spread on social media, adding to the bullish sentiment driving LTC’s price.
This isn’t the first ETF-related filing. Back on January 25, Grayscale Investments also filed with the SEC for multiple cryptocurrency ETFs, including Litecoin. These ETFs could give investors a regulated way to gain exposure to digital assets without owning them outright.
Overseas, enter Monochrome Asset Management. They have submitted a draft application for the Monochrome Litecoin ETF (LTCC) in Australia, designed to offer access to Litecoin in more regulated environments. This would complement their current Bitcoin ETF (IBTC) and Ethereum ETF (IETH).
Given all these developments, it is hardly surprising that Litecoin is on the rise. This could be an indicator of more attention and price action in the future of Litecoin if these ETF filings go through.
