Litecoin price is on the rise and pumping as LTC price surges towards $150 following reports on whale accumulation and LTC Spot ETF application.
Cryptocurrency market is strong, Litecoin .cwp-coin-chart svg path { Stroke: ;Stroke width: ; }
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Price movement in the past 7 days
(Surprisingly) in the lead. While Bitcoin has regained $100,000 and Ethereum has struggled to break above $3,500, Litecoin has been solid and up double digits.
Coingecko data shows that LTC is not only consolidating its position above $115, but also continues to make headlines.
In particular, there is a growing possibility that Litecoin will become the third largest coin after Bitcoin and Ethereum. Obtain spot exchange-traded fund (ETF) approval from the stringent U.S. Securities and Exchange Commission (SEC).
Whale accumulation drives LTC price rise
The rise in LTC prices is due to increased whale activity over the past week.
January 16thAccording to Santiment data, the number of whales has doubled, adding 250,000 LTC to its holdings.
(sauce)
This involvement of many large investors known for their long-term holding strategies (“diamond hands”) shows their growing confidence in the coin.
The last time this happened was in early December 2024. That coincided with a period of rapid price expansion where LTC rose to $145.
(LTCUSDT)
Although prices have since slumped, buyers are actively defending the $100 level, a key support zone that served as a liquidation level for over two years until November 2024.
Nasdaq files File 19b-4 for Litecoin ETF
Amid whale involvement, other news revealed by Nasdaq: submitted U.S. Securities and Exchange Commission (SEC) Form 19b-4 for listing and trading the Canary Litecoin ETF.
The filing marks the official start of regulatory review of the application, which, if successful, could lead to the launch of the first Spotlight Coin ETF in the United States.
Previously, an amended S-1 form was filed by Canary Funds. This is an important milestone in a long-awaited process.
With the filing of the 19b-4 and the amended S-1 form, this application satisfies two important requirements for SEC approval.
The market is currently awaiting the SEC's decision.
Eric Balchunas, senior ETF analyst at Bloomberg, is confident.
In X's post he said: filing This could precede the approval of the first altcoin ETF in 2025.
“The Litecoin ETF currently checks all the boxes. The first altcoin ETF of 2025 is coming soon. I don't understand why be withdrawn Either given SEC commented on S-1, Litecoin being watched as a product and There's a new SEC sheriff in town. ”
If it passes, Litecoin will join Bitcoin and Ethereum as the only coins where spot ETF stocks can be freely traded in the United States.
However, considering Ethereum's current market performance, I don't know that yet How LTC price action will evolve.
Why does Litecoin resonate with investors?
Unlike Ethereum, Litecoin, like Bitcoin, has a limited supply and uses a proof-of-work consensus algorithm to confirm transactions.
Like Bitcoin, Litecoin received no venture capital (VC) funding and was launched fairly. Litecoin growth being driven This means that no funds are allocated to marketing. this LTC has advantages over coins. classified As securities.
At this point, it doesn't matter.
You don't have millions of dollars to spend on PR and marketing. If the CEO of another chain went to the bathroom, it would be reported.But I got to this point with a fair launch, zero VC, and very little exposure. Come on, beach.
— Litecoin (@litecoin) January 14, 2025
A deflationary model with a cap on maximum supply and implemented through periodic halvings could make LTC more attractive to institutional investors.
Eventually, activity could surge as capital flows into the network, driving prices up to new valuations.
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