Litecoin (LTC), currently ranked the 20th-largest cryptocurrency, is riding on bullish momentum in the crypto market. The digital asset recently broke past a previous record and continues to show signs of further price increases.
The recent surge in Litecoin has sparked discussions in the crypto community. Many are now investigating the factors behind the surge and LTC’s next move.
Litecoin Price Trends per Santiment
Renowned market data analytical platform Santiment reveals that Litecoin is in mini-run mode.
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The platform cited Litecoin’s achievement of soaring past the $73 mark for the first time since July. Santiment emphasized LTC’s performance, noting that it has been the first mid-sized breakout from Bitcoin and altcoins since spring.
Santiment highlighted two major factors propelling the bullish momentum in Litecoin’s price. The first factor Santiment noted is a surge in Litecoin’s onchain transaction volume. Data shows Litecoin’s onchain volume soared to $4 billion in just 24 hours. This is an outstanding feat for the cryptocurrency, representing the highest value recorded since June 2023.
Santiment also highlighted a spike in Litecoin retail interest. Discussions about LTC across social media platforms have increased substantially in the past few days. As Santiment noted, these conversations are centered around ongoing initiatives and development in the Litecoin network.
This is unsurprising as positive conversations about a particular cryptocurrency on social media usually draw additional buyers, resulting in price surges. Some investors even use social media sentiment as part of their trading strategies.
The Litecoin ETF Boosting Appeal
Another key factor that could be responsible for Litecoin’s bullish performance is the expectations of an Exchange-Traded Fund (ETF). Projections regarding a spot Litecoin ETF approval were heightened after Canary Capital submitted an S-1 registration for the product.
The LTF ETF filing awaits the US Securities and Exchange Commission’s (SEC) approval. The product will allow investors to trade Litecoin without directly holding it if approved.
Litecoin’s key features make it enticing to many institutional investors. Investing in Litecoin offers unique exposure to a reliable and time-tested cryptocurrency. The network’s hashrate recently reached an All-Time High (ATH), contributing to its security.
Bloomberg ETF analyst Eric Balchunas acknowledged the difficulty of getting approval in the US for Canary Capital’s ETF filing. He noted that the ETF approval is hinged on the US electing a pro-crypto President in the November elections.
What to Expect From LTC Price Moving Forward
At press time, the LTC price was $73.09, up 1.01% in the past day and 11.7% in the past week.
The monthly chart shows that LTC surged over 15%, indicating the cryptocurrency’s resilience. The 24-hour trading volume also spiked by more than 24% to $426 million. This increased volume suggests investors and traders are willing to buy the coin.
Analyzing the daily price chart confirms that bulls-induced buying pressure to hold the price. If LTC holds momentum above $76, it may climb toward $86.4 per provision of its Relative Strength Index (RSI). However, if it fails to initiate a surge, LTC may drop below the immediate support at $67.4.
