Litecoin (LTC) made a comeback last week, changing its presence in the crypto market. The asset has witnessed immense volatility over the past few days with significant price increases followed by similar price decreases. This sudden buzz in the LTC market was related to the filing of a Litecoin ETF by Canary Capital.
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Analyzing Litecoin market volatility and its impact on ETFs
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LTC founder Charlie Lee expressed his excitement over this, saying, “We are pleased to see Canary Capital filing for a Litecoin ETF. We have indeed observed significant institutional demand for Litecoin. This is evidenced by the daily growth of the Grayscale Litecoin Trust, which has seen its price more than double its net asset value. We look forward to the approval of the Litecoin ETF soon.”
Meanwhile, Litecoin fell 3.12% in the past 24 hours and was trading at $71.37. The asset has gained more than 7% over the last week. However, the recent price drop has dashed the hopes of those who expected LTC to rise to $100.
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Litecoin rises to $200
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According to Coincodex data, LTC will struggle to reach $200 in the coming months. Despite being considered a bullish period, the final quarter of 2024 will be a very dull period for altcoins. The highest price level that LTC will reach during December is $152.31. This represents a further notable upside from current price levels.
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The company also revealed that LTC will soar to a high of $101.24 later this month. It looks like LTC investors are set to reap big gains in the coming months.
