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Cryptocurrency News Articles
Litecoin (LTC) Price Breakout: Reasons Behind the Surge
Oct 19, 2024 at 12:02 am
Litecoin, often referred to as the “silver” to Bitcoin’s “gold,” has been a consistent player in the cryptocurrency space since its creation in 2011.
Cryptocurrency prices continue to fluctuate rapidly, and Litecoin (LTC) is no exception. After experiencing a downturn in the last 24 hours, LTC has witnessed a slight recovery, as indicated by the latest market data.
At the time of writing, Litecoin is valued at $71.98, reflecting a minimal increase of 1.16% over the past 24 hours. However, despite this slight gain, LTC is still far from the two-month high of $72.79 that it reached on October 16.
According to market data analytics from Santiment, Litecoin’s on-chain volume reached a 16-month high of approximately $3.97 billion. This increase in on-chain trading activity coincided with a significant rise in online discussions about Litecoin across various social media platforms.
The price of Litecoin has increased by only 1.16% over the last 24 hours to $71.98 with a market capitalization of $5.45 billion.
Reasons For the Litecoin Price Breakout
The announcement by Canary Capital, an asset manager, of a proposed Litecoin Exchange-Traded Fund (ETF) may have contributed to the recent price surge for LTC.
The application, filed with the U.S. Securities and Exchange Commission (SEC) on October 15, marks a record in the cryptocurrency industry, as no other U.S.-based asset manager has ventured into Exchange-Traded-Products (ETPs) for any crypto asset other than Bitcoin or Ethereum.
If approved, the ETF will offer investors a convenient and regulated way to gain exposure to Litecoin without having to directly purchase, store, or manage the cryptocurrency themselves.
This move aims to cater to a broader audience of investors, including those who are hesitant to navigate the complexities of cryptocurrency markets.
Moreover, the decision to focus on Litecoin for an ETF is likely influenced by the token’s robust performance and longevity in the blockchain space.
Having maintained 100% uptime since its launch in 2011, Litecoin is renowned for its reliability, making it a suitable candidate for an ETF that offers investors options beyond holding the cryptocurrency itself.
In addition to providing investors with the ability to trade on traditional brokerage platforms, the exchange-traded fund will also offer a level of liquidity that can contribute to more stable pricing for the underlying assets.
This aspect is particularly relevant for cryptocurrencies, which are often known for their volatility.
While Canary Capital is expanding its crypto-related offerings, it's important to note that the approval of any ETF by the SEC is far from guaranteed. The watchdog classifies most crypto assets, aside from Bitcoin and Ethereum, as securities.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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