Litecoin (LTC) Outpaces Bitcoin (BTC) in Daily Price Gains

currently ranked the 12th-largest cryptocurrency by market cap, has outpaced Bitcoin (BTC) in daily price gains

While Bitcoin (BTC) has dropped by 3.34% daily, LTC has increased by 8% within the same time frame.

The price chart shows LTC is gaining momentum, although volatility remains high on the general market. פנימה

LTC has pared off its losses over the past week amid rising optimism for the coin. The trend suggests that the recent Litecoin sell-off is gradually waning.

Accordingly, LTC is now leading the altcoin recovery, following the positive outcomes of key metrics.

According to CoinMarketCap data, LTC was trading at $129.5, and its market cap stood at $9.78 billion. The daily trading volume also rose 50% to over $2 billion, suggesting heightened investor interest.

On the other hand, BTC has lost almost 4% of its value, setting its price at $86,365. BTC plummeted as low as $86,000 during the morning trading session before moving to the current level.

Why LTC is leading

Some market analysts remain convinced that LTC is set for a further breakout. Their sentiment is based on the fact that the coin is considered a commodity. פנימה

These analysts believe the asset could benefit more from the current change in crypto regulatory policies. Some investors understand this and are pricing in the coin based on its recent recovery. Litecoin also benefits from the recent hype surrounding the growing number of LTC-based Exchange-Traded Fund (ETF) proposals. פנימה

According to ETF Store President Nate Gerarci, the SEC has acknowledged filings for LTC ETFs. The regulator’s acknowledgment suggests progress for potential Litecoin ETF approvals. Moreover, experts have given the Litecoin ETF a 90% chance of approval. פנימה

The eventual approval of an LTC ETF could lead to a big breakout in institutional adoption. This is because investors will gain exposure to LTC through a regulated stock market, which many perceive as more secure.