Exchange-traded funds (ETF) took the center stage in 2024. While Bitcoin (BTC) was seen shining in this arena, the community is looking forward to witnessing more cryptocurrencies join these ranks. Amidst this, prominent analysts highlighted how Litecoin (LTC) could be the next one to be approved. Following this, the altcoin saw a major spike. This further led to the community speculating a potential rise after the approval.
Also Read: AMD Stock Target Falls, Is AMD Out of the AI Race in 2025?
Diving Into A Recent Filing
Litecoin may be the next digital asset in the US to receive the crypto ETF green signal after Bitcoin and Ether in 2024, according to Canary Capital’s newly submitted updated S-1 form for its Canary Litecoin ETF. Following this, Bloomberg Senior ETF Analyst Eric Balchunas confirmed that the odds of an LTC ETF being approved were high.
To begin the possible acceptance or denial process of the Litecoin ETF, Canary’s S-1 must be followed with a 19b-4 filing, according to Bloomberg ETF analyst James Seffart.
Litecoin’s Double Digit Spike
During the time of writing, Litecoin was trading at $119.45 after surging by a staggering 17.34%. With a spike of this magnitude, LTC became a top performer, leaving the rest of the market behind.
Amidst this, Litecoin’s trading volume skyrocketed as well. The altcoin saw a 302% spike in daily volume. This highlighted the increased buying activity in the LTC market.
Also Read: Stellar (XLM) Cryptocurrency Breaks Out: 30% Surge Incoming?
Price Prediction
According to data from CoinCodex, it is projected that Litecoin will trade in a range of $83.05 to $250.21 in 2025, resulting in an average annualized price of $129.55. Compared to the present rates, this may yield a potential return on investment of 109.66%. While this is indeed a notable spike from its current price level, it is at a distance from its all-time high.
LTC hit an all-time high of $412 back in 2021. The community is hoping to witness the rise of altcoin with the approval of a Litecoin ETF.
Also Read: BRICS & US Standoff to Send Oil Prices Skyrocketing: Goldman Sachs Says
Credit: Source link
