Litecoin (LTC) Shows Strength, Consolidates Near $108 After Clearing Major ETF Hurdle

Litecoin's ETF filing has cleared a major hurdle. The U.S. Securities and Exchange Commission has confirmed the filing of Canary's 19b-4 form

The U.S. Securities and Exchange Commission has accepted Canary’s 19b-4 filing for a Litecoin (LTC) exchange-traded fund (ETF), kicking off a 21-day period for public feedback on the proposed rule change.

This marks a significant step in the approval process, placing LTC at the forefront of the altcoin ETF race. Several financial institutions, including Grayscale, Hashdex, Monochrome, and Tuttle, have filed similar applications, seeking approval to list and trade Litecoin ETF shares on Nasdaq under Rule 5711(d).

Complementing this positive news, Litecoin's hashrate has reached an all-time high of 2.24 PH/s, highlighting the network's robust security and the growing confidence of miners in the cryptocurrency.

LTC's hashrate has been on a gradual upward trajectory since 2022, with a substantial increase observed in late 2024. The rising hashrate not only strengthens the network but also often coincides with positive price movements, contributing to the current Litecoin rally.

This milestone, coupled with the ETF filing, has generated a wave of optimism surrounding the token.

According to market analysts, LTC may encounter resistance at crucial levels, leading to the establishment of a higher price floor.

Litecoin Shows Strength, Consolidates Near $108LTC is currently trading around the $108 mark, having breached a 2024 resistance level, which it has now successfully retested and crossed, indicating further upside potential.

This development has caught the attention of traders, who are targeting a price of around $115 for LTC. However, due to the unpredictable nature of the market, analysts are setting conservative price targets and highlighting the token's strength in its category. Keeping an eye on $LTC here and around the $108 range!

One of the strongest alts in its category right now. It has broken through resistance that held the price down throughout 2024, successfully retested it, and is now advancing higher. Pretty safe trade, but the targets are also modest.

While the prospect of an ETF approval is certainly generating excitement in the Litecoin market, it's important to note that the approval process can be lengthy and subject to various factors.

Additionally, the market itself is prone to short-term volatility as traders react to news and anticipate the final decision, which could lead to price fluctuations along the way.

Despite the inherent uncertainties, the long-term outlook for Litecoin appears promising, with the growing hashrate signaling a strong and secure network that could continue to attract investors and drive further price appreciation.

The potential approval of a Litecoin ETF would not only legitimize the cryptocurrency but also open doors to mainstream adoption, ushering in a new era of growth for Litecoin.