In a week full of celebration as Litecoin commemorates its thirteenth birthday, its native coin, LTC, has shown possible signs of rebound. Litecoin established a major comeback shortly after Canary Capital filed for LTC exchange-traded funds (ETF). Shortly after the Canary Capital filed for the ETF, LTC surged exponentially, attaining October’s all-time high.
Litecoin (LTC) Surges After Canary Capital’s Filed ETF
According to CoinMarketCap, LTC breached the $72K psychological threshold, accompanied by a significant increase in Litecoin’s daily trading volume. It sustained the bullish momentum overnight, fueled by the pull and push customers ‘ sentiment.
Later, the LTC dropped below the $69 K mark before settling above the $70K at 1136 (UTC). The dramatic twist was not only confined to LTC, but other tokens followed suit. CoinMarketCap data reveals that BTC bulls rallied above $68 K.
Other coins, including Ethereum, BNB, and Solana, followed LTC’s bullish momentum, surging by 8.7%, 4.13%, and 8.9%, respectively. The Wednesday breakout rally profiled LTC as an OG altcoin driving a bull campaign to the crypto market.
With the crypto community expressing their excitement about LTC’s recent uptrend, experts shared their insights on how the approval of Litecoin ETF impacts the broader crypto market.
Reviewing Form S-1 for the Litecoin ETF demonstrates that the asset manager, Canary Capital, was launched a month ago. The report shows that Valkyrie co-founder Steven McClurg owns Canary Capital.
Will SEC Approve Canary LTC ETF?
Earlier this month, Canary filed for the XRP ETF and awaited regulatory approval. Form S-1 demonstrated that LTC is built on an open-source blockchain that mirrors the Bitcoin networks.
Even though the Canary team did not disclose the ticker symbol for its LTC ETF and other management fees, the two filings demonstrated Canary’s commitment to gain dominance in crypto ETE. A group of people clapping and celebrating the launch of a Litecoin ETF. The scene is set in a modern, professional environment, such as a stock exchange or financial event, with some individuals in business attire. The Litecoin symbol is prominently displayed on a screen or banner in the background, creating a sense of accomplishment and excitement.
The filing came at a time when the SEC mandates asset managers seeking to issue securities to be listed on a public stock exchange. Despite the changes, the crypto community remains optimistic that Litecoin is priming for a potential breakout if the SEC approves the ETF.
Reflecting on Bitcoin’s price swing after the launch of Bitcoin ETF, analysts are projecting LTC to follow suit. Currently, LTC holds a $5.383 billion market capitalization, which is smaller than that of Bitcoin.
Analysts projected that if the SEC approves LTC ETF, its price might jump above $2900 to hit $218 billion market cap.
The Canary Litecoin ETF filing demonstrates the need to develop explicit rules for exposing investors to crypto even without investing in this asset. For more updates on whether the SEC will approve Litecoin ETF, follow The Bitjournal on X, Telegram, and LinkedIn.
