Litecoin Value Increases Amid Growing Chances of LTC ETF Approval

The Big Apple Buzz: Litecoin’s Leap Forward

Hey, have you heard? Litecoin just did a little dance in the crypto market, shooting up nearly 10% on Saturday. Every crypto enthusiast in New York can’t stop talking about it, all thanks to buzz about an exchange-traded fund (ETF) approval that’s grabbing everyone’s attention.

A Rise to Remember

Litecoin (LTC) experienced its third day in the green, climbing to its peak since January 18. It’s up a solid 47% from its lowest slump this month. This remarkable rebound has everyone on Wall Street checking their portfolios.

CoinShares Steals the Spotlight

What’s all the fuss about? CoinShares, a big name with nearly $10 billion in assets, sent a filing to the U.S. Securities and Exchange Commission (SEC) for a spot LTC. Canary, another player, also threw their hat in the ring with a similar fund [months ago](https://www.coindesk.com/business/2023/10/05/canary-ltc-etf-investor-hopes/).

Crypto analysts, including the finance nerds you chat with on your morning subway ride, are feeling pretty optimistic. They speculate the SEC is likely to approve a Litecoin ETF, given its resemblance to the crypto king, Bitcoin. Litecoin, your friend at the investment firm might remind you, is a Bitcoin hard fork and shares its proof-of-work vibe. The SEC, for now, doesn’t classify it as an unregistered security.

SEC Approval Odds: Like a Good Bagel, High

Let’s not forget the Polymarket poll that shows an 81% chance of the SEC hitting the green light for the approval. Just this month, they sought comments from Canary, a sign we’re headed somewhere promising. The crypto chatter had Eric Balchunas saying:

Litecoin ETF checks all the boxes. First alt coin ETF of 2025 could be on the clock. Seems like SEC’s all about it, with litecoin seen as a commodity. Oh, and let’s just say – there’s a new SEC sheriff in town. Tweet by Eric Balchunas

New Money or Slim Pickings?

An approved Litecoin ETF might usher in fresh institutional capital. But don’t pop the champagne just yet, because Bitcoin and Ethereum ETFs haven’t exactly been swimming in demand. Spot BTC ETFs slurped up almost $40 billion in assets, while Ethereum is sitting at a modest $2.8 billion. Not exactly a New York skyscraper level, many would say.

Litecoin Price: From Past Lows to New Heights

Check out the price chart, trading aficionados! Litecoin has rocketed from its 2022 low of $42.17 to flirt with the skirts of $130. It’s made a respectable leap over the key resistance level at $113.66, a high it hit last in both April and July of 2023. See the full analysis on [crypto.news](https://crypto.news/litecoin-price-analysis/).

Litecoin’s also been dancing above the ascending trendline since June 2022 and striding past the 50-week moving average. Watch out, a little bullish pennant pattern’s forming too. A break past the $147 resistance, last seen in December, could signal a dash toward the $200 mark. But remember, this uptrend gets squashed if Litecoin tumbles below the $92.7 support line.

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In the city that never sleeps, Litecoin is keeping everyone on their toes. So, whether you’re trading on Wall Street or chatting about the markets over coffee, Litecoin’s moves are definitely a topic worth your time. Stay curious, New York!

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