Litecoin (LTC) is currently ranked as the 20th largest cryptocurrency and is riding strong momentum in the crypto market. This digital asset recently broke previous records and continues to show signs of further price appreciation.
The recent rise in Litecoin’s price has sparked debate in the cryptocurrency community. Many are currently investigating the factors behind the surge and LTC’s next move.
Litecoin price trends by Santiment
Santiment, a well-known market data analysis platform, has revealed that Litecoin is in mini-run mode.
– Advertisement –
The platform credited Litecoin with surging above the $73 level for the first time since July. Santiment highlighted LTC’s performance, noting that it was the first mid-sized breakout from Bitcoin and altcoins since the spring.
Santiment highlighted two key factors driving the bullish momentum in Litecoin price. The first factor Santiment pointed to is the rapid increase in Litecoin’s on-chain transaction volume. According to data, Litecoin’s on-chain transaction volume soared to $4 billion in just 24 hours. This is an outstanding feat for the cryptocurrency, marking its highest price since June 2023.
Santiment also highlighted the surge in retail interest in Litecoin. Over the past few days, discussions about LTC have increased significantly across social media platforms. As Santiment pointed out, these conversations are centered around the ongoing efforts and developments in the Litecoin network.
This is not surprising, as positive conversations about a particular cryptocurrency on social media usually attract additional buyers and cause the price to soar. Some investors use social media sentiment as part of their trading strategy.
Strengthening the appeal of Litecoin ETF
Another important factor that could be responsible for Litecoin’s bullish performance is expectations for exchange-traded funds (ETFs). Predictions for approval of the Spotlightcoin ETF increased after Canary Capital filed S-1 registration for the product.
The LTF ETF application is pending approval from the U.S. Securities and Exchange Commission (SEC). If the product is approved, investors will be able to trade Litecoin without directly owning it.
Litecoin’s key characteristics make it attractive to many institutional investors. Investing in Litecoin provides unique exposure to a trusted and proven cryptocurrency. The network’s hashrate recently reached an all-time high (ATH), contributing to its security.
Eric Balchunas, an ETF analyst at Bloomberg, acknowledged that Canary Capital’s ETF application will have difficulty getting approval in the United States. He noted that the approval of the ETF depends on whether the United States elects a pro-crypto president in the November election.
What you can expect from future LTC prices
At the time of writing, LTC price is $73.09, up 1.01% in the past day and 11.7% in the past week.
On the monthly chart, LTC has surged more than 15%, demonstrating the resilience of the cryptocurrency. 24-hour trading volume also surged more than 24% to $426 million. This increase in volume suggests that investors and traders are willing to purchase the coin.
Analyzing the daily price chart, we can see that the bulls are causing buying pressure to maintain the price. If LTC maintains its momentum above $76, it could rise towards $86.4 per Relative Strength Index (RSI) provision. However, if it fails to initiate a surge, LTC could fall below the immediate support at $67.4.
