Litecoin (LTC) is one of the earliest cryptocurrencies to hit the market. This asset dominated the industry and remained in the coveted top 10 for a long time. However, the emergence of new assets has put LTC on the back burner. Currently, altcoins are the 20th largest cryptocurrency with a market capitalization of $5.47 billion. However, Litecoin redemption is on the horizon as we are seeing Litecoin assets skyrocketing once again.
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Factors driving Litecoin’s potential price hike
Source – Pixabay
Recent performance and ETF trends
Over the past 7 days, LTC has witnessed a notable spike. The asset rose 12%, rising from trading around $64 to a high of $75. At the time of writing, LTC is trading at $72.78, up nearly 3% in the past 24 hours.
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Litecoin’s upward trend is linked to Canary Capital, which has revealed that it is looking to establish a Litecoin exchange-traded fund (ETF) with the SEC. In an attempt to get a green signal for the Spotlight Coin ETF, the asset manager filed an S-1 filing with the U.S. Securities and Exchange Commission (SEC) on October 15th.
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Will Litecoin continue its hot streak into October?
While things are bullish for the Litecoin ecosystem at the moment, there was a strong chance that the asset would continue on this trajectory. According to CoinCodex data, LTC could rise to $100. The company emphasized that LTC could trade at a maximum price of $100 towards the end of the month. Moreover, the average trading price of the altcoin was set at $84.58.
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Additionally, CoinMarketCap data reveals that 83% of the LTC community is bullish on the asset’s appreciation. Only 17% were skeptical about the increase.
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