Why is Litecoin (LTC) price up today?
Litecoin (LTC) experienced a 15% price surge on January 30, attributed to the acknowledgment of Canary Capital's spot LTC ETF application by the U.S. Securities and Exchange Commission (SEC). This ETF, filed on January 16, marks a significant development as it's the first altcoin application of its kind to gain recognition, previously rejected by former SEC chair Gary Gensler. The review process could last 240 days, but the quick response from the SEC has sparked optimism in the cryptocurrency market, with increased speculation around other cryptocurrencies like XRP, Solana, and Cardano. Additionally, Litecoin is seeing enhanced on-chain activity, with over 8.4 million addresses and daily active users surpassing 374,000—exceeding both Cardano and Avalanche. Whale investors are also showing interest, accumulating 1.83 million LTC since December 2024. Technical analysts suggest a potential breakout, pointing towards a target price of around $354, which would indicate a significant upward trend for the altcoin.
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