LTC News: Litecoin Surges 17% Amid Whale Accumulation and Spot ETF Speculation

Litecoin (LTC) has experienced a significant price surge of 17% in the past 12 hours, reaching a 4-week high of $118. This rally is attributed to increased accumulation by large holders, often referred to as 'whales' and 'sharks,' who have added 250,000 LTC to their holdings since January 9. Despite the recent gains, Litecoin remains 72% below its all-time high of $410, achieved in May 2021. The surge is fueled by optimism surrounding the potential approval of a Litecoin spot ETF, mirroring patterns seen in other cryptocurrencies. Analysts suggest that continued accumulation by large holders could drive further price appreciation, though market volatility remains a key factor to watch.

Litecoin Surges 17% as Whales Accumulate on Spot ETF Hopes

Litecoin (LTC) prices have surged around 17% over the past 12 hours, reaching an intraday and 4-week high of $118 during early trading in Asia on Thursday morning. Despite this increase, LTC remains down 72% from its May 2021 all-time high of $410. According to Santiment, the surge is driven by whales and sharks holding at least 10,000 LTC, who have accumulated 250,000 coins since January 9. This accumulation mirrors a similar pattern observed in early December, suggesting a strategic move by large holders.

Analysts Predict Litecoin ETF Approval May Be Imminent Following SEC Engagement

The latest development regarding the proposed Litecoin ETF has sparked Optimism in the market. Analysts suggest that Litecoin could be the next cryptocurrency to receive ETF approval from the SEC. An amended S-1 filing by CanaryFunds indicates potential SEC engagement, although there are no guarantees. The S-1 filing is a crucial step in the SEC’s approval process, and while the amendment does not guarantee approval, it signals that the SEC is reviewing the proposal more closely. The market is closely watching for further developments, particularly the filing of a 19b-4, which would start the official approval or denial process.

How High Will LTC Surge If Litecoin ETF Is Approved?

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. 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.