Litecoin LTC/USD rose the most on Tuesday after digital asset trading and management firm Canary Capital filed for an exchange-traded fund (ETF) to track the price of proof-of-work (PoW) cryptocurrencies. It was at the top of the list.
What Happened: Created from the Bitcoin BTC/USD hard fork in 2011, the coin is up over 7% as of this writing, outperforming all cryptocurrencies on the market, including Bitcoin itself. I did.
LTC trading volume has experienced an astounding 149% increase in the past 24 hours, with buying pressure pushing the coin to its highest level in two and a half months.
The rally was fueled by Canary Capital’s filing on Tuesday of an S-1 filing, a prerequisite for an issuer to offer new securities.
The proposed Canary Litecoin ETF is intended to provide exposure to price movements in LTC held by the Trust.
Related article: Mark Cuban defends Kamala Harris’ crypto knowledge, slams Trump for selling tokens and merchandise: “Unlike your guy, she doesn’t pretend.”
The Litecoin ETF filing comes a week after Canary Capital filed a similar investment vehicle to track the price of the payments-focused cryptocurrency XRP XRP/USD.
Litecoin was originally intended to be used as a means of payment, but has since evolved into a speculation and investment tool, and is regularly traded on the market.
Interestingly, the underlying technology of the Dogecoin DOGE/USD network is derived from Litecoin.
Dogecoin co-creator Billy Marcus said in a 2021 interview with Benzinga that auxiliary proof-of-work (AuxPOW), which was announced in 2014 at the suggestion of Litecoin creator Charlie Lee, He stated that Dogecoin can now be merge mined with any currency. Cryptocurrency.
Like Bitcoin, Litecoin has also avoided scrutiny from U.S. regulators regarding the security versus commodity controversy, a factor that may be motivating issuers to file ETF applications.
Why it matters: The highly touted decentralized finance (DeFi) project was launched by President Trump last month, and the sale of the project’s governance token, WLFI, is scheduled for Tuesday.
Price Trend: At the time of writing, Litecoin was trading at $71.72, up 7.31% in the past 24 hours, according to data from Benzinga Pro.
Photo by DIAMOND VISUALS on Shutterstock
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