Litecoin (LTC) has experienced a significant surge in value, rising by 12.88% in just one day to reach $139.41. This upward trend has been consistent over the past week, with a total gain of 18%. The driving force behind this surge appears to be the growing speculation around the possibility of Litecoin Exchange-Traded Funds (ETFs).
With a market capitalization of $10.53 billion and a 24-hour trading volume that has spiked by 70.94% to $1.86 billion, it is evident that investors are closely monitoring Litecoin at the moment. The recent move by Nasdaq to apply with the U.S. Securities and Exchange Commission (SEC) to list two new cryptocurrency ETFs from CoinShares, one for Litecoin and another for XRP, has added fuel to the fire.
The filing by Nasdaq is seen as a crucial step towards the introduction of new crypto-related financial products. There is a growing sense of optimism surrounding the possibility of a Litecoin spot ETF. Analysts at Bloomberg have even suggested that a Litecoin ETF may have a better chance of approval in 2025 compared to other crypto funds. This positive outlook has been widely shared on social media, further boosting the bullish sentiment surrounding LTC’s price.
This recent filing by Nasdaq is not the first of its kind. Earlier in January, Grayscale Investments and CoinShares also filed with the SEC for multiple cryptocurrency ETFs, including one for Litecoin. These ETFs could provide investors with a regulated avenue to gain exposure to digital assets without actually owning them.
Overseas, Monochrome Asset Management has submitted a draft application for the Monochrome Litecoin ETF (LTCC) in Australia. This ETF is designed to offer regulated access to Litecoin in a more controlled environment. This move follows their successful launch of Bitcoin and Ethereum ETFs (IBTC and IETH, respectively).
The combination of these developments has contributed to the current rise in Litecoin’s value. If these ETF filings are approved, it could signal even more attention and price action in the future for Litecoin. Investors and enthusiasts are eagerly watching to see how these developments unfold and what impact they will have on the cryptocurrency market.