Litecoin (LTC) is currently one of the best-performing cryptocurrencies in the daily charts. According to CoinGecko data, LTC is trading in the green zone across the board, unlike many major crypto assets. The coin has rallied 10.4% in the daily charts, 10.8% in the weekly charts, 26.7% in the 14-day charts, and 15.8% over the previous month. LTC’s price has also risen by more than 100% since October 2024. This means that your money would have more than doubled in the last year. Let’s discuss why Litecoin’s (LTC) price is experiencing such a big rally right now.
What’s Behind Litecoin’s Big Price Rally?
Litecoin’s latest upswing is likely due to high expectations for an ETF approval. Canary recently filed final amendments for its Litecoin spot ETF. The move could signal the coming of an ETF approval. Many experts anticipate an LTC ETF to be approved soon. However, some say that the government shutdown may have delayed the SEC’s decision.
ETFs have played a vital role in the current market cycle. Bitcoin (BTC) hit multiple all-time highs over the last year, thanks to ETF inflows. Even Ethereum (ETH) climbed to a new all-time high earlier this year due to consistent ETF inflows. Litecoin (LTC) could also follow a similar pattern.
Apart from Litecoin (LTC), the SEC is also expected to announce decisions on several other crypto-based ETF applications. A positive decision could lead to a market-wide rally.
Also Read: GraniteShares Bets Big: 3X Crypto ETFs Filed for XRP, SOL, ETH, and BTC
Moreover, the Federal Reserve is expected to cut interest rates by another 25 basis points after its next meeting. An ETF approval and an interest rate cut could lead to a massive price surge for Litecoin (LTC).
However, there is also a possibility that the SEC will postpone its decision, as it has for many other ETF applications. A delayed decision could lead to Litecoin (LTC) facing a correction.
Credit: Source link