Canary Capital Group has filed a Litecoin ETF with the SEC. This pushed LTC prices up 9.5% to over $73, the highest since July 2024. But experts warn that institutional investors may not need to rush.
This guide details this topic to help you better understand the situation.
Also read: Cardano Price Prediction: Will ADA fall below $0.25? Experts have their say
Canary Capital’s Litecoin ETF Application: Impact on LTC and Market Trends
new ETF player
Canary Capital is new to crypto investing, but plans to be here for the long term. Their Litecoin ETF application has been a hot topic.
Stephen McClurg heads the company and hopes to capitalize on interest in crypto investing. But given Canary’s size, its appeal to large investors is questionable. Is that enough? Only time will tell.
Ethereum ETF lessons
$LTC Would you like to purchase the upcoming dip?
Litecoin is trading within the expected range, and a key “buy on the bullshit” zone between $57.85 and $61.15 could occur soon.
This could be a solid long-term entry
teeth #litecoin Are you on the radar? pic.twitter.com/SbjZQWPW0S
— InvestingHaven (@InvestingHaven) October 15, 2024
The launch of an Ethereum ETF is a warning to Litecoin fans. After the ETF was launched, Ethereum price fell by 25%. This illustrates the risks of overhyping crypto funds other than Bitcoin. This could limit expectations for higher LTC prices.
Investing Heaven tweeted:
“Is $LTC Buying an Upcoming Push? Litecoin is trading within the expected range, and a key “buying the push” zone between $57.85 and $61.15 could occur soon. This could be a solid entry in the long run. Is #Litecoin getting attention?”
Also read: Bitcoin is barely used: 92% of Salvadorans skip BTC in daily transactions
Grayscale and price trends
If Grayscale turns Litecoin Trust into an ETF, it could have a negative impact on LTC prices. Litecoin’s value is weak against Bitcoin. The LTC/BTC pair has fallen 98% since November 2013. The SEC’s selection on Canary’s filing could impact this.
Also read: US bank pays $29 million after calling customers
Canary’s filing excited the market in the short term. However, investors’ long-term interests are unclear. Litecoin’s weak institutional attractiveness and technical issues could limit the cryptocurrency’s sustained price appreciation.
