Litecoin Rises After Canary Capital ETF Filing: Is $1,000 LTC Possible?
Litecoin ($LTC), which turned thirteen this week, may be eligible for ETF classification, according to Canary Capital, a digital asset investing business founded by Valkyrie co-founder Steven McClurg.
Litecoin climbed 6.5% overnight to $71.46 on the news. Litecoin is 9% higher than last Wednesday and 12% higher than two weeks ago.
First to apply for a Litecoin ETF is month-old Canary Capital. It filed for an XRP ETF earlier this year, signaling its desire to dominate crypto ETFs.
The US SEC authorized almost a dozen spot Bitcoin ETFs at the start of the year, driving the cryptocurrency to a record high of $73,737.94 in March.
ETFs are legal investment products that follow the price of the underlying asset, making this a major crypto adoption event. This lets people invest in crypto without risking purchasing and keeping it.
Bitcoin ($BTC) is up little today. Current price is $67,956, up 3.7%.
Will Litecoin Stay ETF-Powered?
A slow-moving currency, Litecoin only moved 13.6% in the previous 365 days, with 12% of it in the last week.
However, the green trend line on the price chart below shows persistent upward support from $50 lows to its present position. Litecoin is approaching a crucial summer resistance level, the horizontal red line.
A relative strength index of 60 and decreasing suggests Litecoin's recent surge has not overvalued the asset and will stay steady throughout the weekend sans positive news.
