2025-02-21
The number of Litecoin transactions has
jumped by 243% in the last five months, as interest in a potential Litecoin
exchange-traded fund (ETF) grows.
Canary Capital took steps to prepare
for its own spot Litecoin ETF approval.
The 7 days price of Litecoin (LTC)
increased by 6.85%. Litecoin (LTC) currently ranks the 5th largest
crypto by market cap with the market cap of $10.2 billion.
Litecoin’s daily transaction volume has
reached $9.6 billion, compared to $2.8 billion in August.
This increase has pushed Litecoin’s market
value up by 46% from February 2 to February 19, according to data from
Santiment.
Since early November, LTC prices have doubled,
outpacing the general crypto market, which gained 42% in the same period.
The U.S. Securities and Exchange
Commission (SEC) acknowledged a proposed rule change on February 19 to allow CoinShares'
spot Litecoin ETF to be listed on Nasdaq.
On February 20, Canary Capital’s Litecoin ETF appeared in the Depository Trust and Clearing Corporation (DTCC) system under the ticker LTCC.
The DTCC plays a crucial role in
financial markets, handling trillions of dollars in transactions daily. The
Litecoin Foundation explained that appearing on the DTCC system is an important
step toward launching the fund.
Bloomberg ETF analyst Eric Balchunas
warned that appearing on DTCC does not mean the ETF is approved yet, but it shows
preparation. He still estimates a 90% chance of approval this year.
After the DTCC listing, Litecoin's
price jumped 8.5%, from $127 to $138, before a slight decline on February 21.
Over the past two weeks, Litecoin has
risen almost 30%, performing better than Bitcoin, which has remained stable in
price.
Investors are excited about the
possibility of a Litecoin ETF, following the approval of Bitcoin ETFs last
year. If approved, this could further boost Litecoin’s price and adoption in
the crypto market.
