The US SEC acknowledged the spot ETF filing for CoinShares Litecoin ETF by the NASDAQ Stock Market on behalf of CoinShares, thus igniting bullish sentiment for LTC.
LTC $86.57 24h volatility: 6.9% Market cap: $6.55 B Vol. 24h: $491.15 M , one of the oldest altcoins with a vibrant on-chain community, has gained significant bullish sentiment in the past few months. The large-cap altcoin, with a fully diluted valuation of about $10.2 billion and a 24-hour average trading volume of about $1.8 billion, surged more than 30 percent in the past two weeks to trade about $135 on Wednesday, February 19, 2025, during the mid-New York session.
From a technical analysis perspective, Litecoin’s price recently confirmed a bullish breakout from a multi-month consolidation after consistently closing above the resistance/support level of around $100 in the recent past. As a result, the LTC price has approached a crucial resistance level of around $135, which has been established in the past two months.
In case the LTC price consistently closes above $135 in the coming days, the altcoin will be well-positioned to rally toward its all-time high in the subsequent weeks. Remarkably, Litecoin price has portrayed a very low correlation with Bitcoin price action, about 0.12 out of 1 according to IntoTheBlock.
As a result, LTC price has a higher chance of rallying towards the next target range between $175 and $240, which coincides with the 1.618 and 2.618 days Fibonacci Retracement.
Litecoin ETF Approval in the US on the Horizon
Following the administration change in the United States earlier this year, the new US SEC leadership has expedited the process of clearing filings for spot crypto ETFs. Earlier on Wednesday, the US SEC acknowledged the filing for CoinShares spot Litecoin ETF.
Earlier this month, NASDAQ Stock Market LLC filed with the US SEC to list and trade shares of CoinShares Litecoin ETF.
— Litecoin (@litecoin) February 19, 2025
LTC Fundamentals
As the third largest digital asset secured by the legendary proof-of-work (PoW) consensus method, after Bitcoin and Dogecoin, the Litecoin network has grown into a robust ecosystem backed by institutional investors. As of this writing, the Litecoin network had a total hash rate of about 2.38 PH/s and a mining difficulty of about 79.31 (M).
Amid the mainstream adoption of digital assets, the Litecoin network has attracted more than 7.9 million on-chain holders, with 78 percent of the holders having held more than 1 year. According to market data from IntoTheBlock, 49% of the LTC’s supply is held by large holders, thus indicating a fair distribution.
Following the rising demand for Litecoin by institutional investors, on-chain data shows transactions greater than $100k have increased from 1,266 transactions on February 15 to about 2,160 transactions at the time of this writing. The notable spike in whale transactions on the Litecoin network has helped bolster LTC’s bullish sentiment amid the wider crypto correction.
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