Litecoin price soared on Thursday, hitting a new high of $132.8 before pulling back slightly. The coin enjoyed a 37.5% gain this week, outperforming both Bitcoin and Ethereum.
This week's impressive surge has brought Litecoin back into the spotlight, especially amid rising speculation regarding the potential approval of a Litecoin ETF. Several applications are currently pending, and if approved, they could introduce a new avenue for institutional and retail investors to gain exposure to Litecoin's price movements.
As reported by crypto news site CoinDesk, activity beneath the surface shows that large investors, known as whale traders, are actively accumulating Litecoin. The average transaction size for LTC recently peaked at $44,300, indicating intensified buying behavior among influential market players.
This behavior contrasts with the broader market, where Bitcoin faced challenges maintaining upward momentum, and Ethereum saw only modest gains. Bloomberg analysts are closely monitoring these developments, hinting that the ETF application from Canary Capital could be the next major announcement in the crypto space.
If approved, this ETF could catalyze further investment and support for Litecoin, which remains one of the most sought-after cryptocurrencies leading up to the inauguration of Donald Trump.
The current news surrounding whale accumulation and ETF speculations places Litecoin in a precarious yet promising position. If these large investors decide to cash out during the excitement of Trump’s inauguration, a price correction below $100 could occur. Conversely, if the anticipated ETF approval unfolds positively, Litecoin may be poised to reach new highs, potentially hitting $150. With the market keenly watching, the coming days will be critical for LTC’s trajectory.
