ETF Hopes Propel Litecoin 12% Higher, Bullish Predictions On The Cards

Christian Encila

8 months ago

3 mins read

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Following its price increase of more than 12% in the past week to roughly $71.50 on October 16, Litecoin (LTC) is attracting more and more interest. The action followed growing buzz about a planned Litecoin exchange-traded fund (ETF) proposal by Canary Capital Group.

Investors are excited, since this ETF may provide a more direct method for investing in Litecoin, allowing both individual and institutional participants to access the market.

The S-1 registration statement for the proposed ETF was filed on October 15, requesting permission from US regulators.

Numerous individuals regard this as a transformative development. Approval might help legitimize Litecoin and facilitate further institutional investment.

‘Canary Capital plots Litecoin ETF’ – @Blockworks_ https://t.co/ypLW4NDYBa

— Litecoin (@litecoin) October 17, 2024

Analytical Optimism

Meanwhile, Litecoin’s future prospects are bullish among cryptocurrency analysts. While it has lagged recently, being some 80% below its all-time peak of $413.65 reached in May 2021, several analysts argue that the ETF might initiate a new bull cycle.

Analyst 28 Crypto believes this ETF, combined with a suitable technical setup on the LTC/USD monthly chart, leads to a large jump in price. Actually, the chart shows that for many years, the LTC has traded within the upward channel while often being a signal for a possible break-out.

LTC market cap currently at $5.4 billion. Chart: TradingView.com

28 Crypto hints that, from the current price perspective, a price upwards of $7,000 could well be within striking distance with long-term projections even going well to the vaunted $10,000 level.

#Litecoin $LTC

Target: $7000 – $10.000 pic.twitter.com/uNCkM9WmWA

— 28 Crypto (@NumberOfWealth) October 16, 2024

He posits that the price may approach the June resistance level of approximately $88, presenting a robust entry opportunity for investors.

LTC price up in the last week. Source: CoinMarketCap

Litecoin: Traders Strategize For Profits

The excitement extends beyond analysts. The open interest in the Litecoin futures market has surged to its highest point in three months, amounting to $258.94 million as of October 16. This surge signifies that traders are preparing for additional price rises, demonstrating robust bullish momentum in the market.

Despite concerns like Litecoin’s ETF’s regulatory issues, sentiment is positive. According to ETF specialist James Seyffart, Litecoin has regulatory similarities to Bitcoin but may face liquidity issues in the US futures market and policy changes.

On the other hand, Steven McClurg, Canary’s CEO, shows hope in LTC’s dependability and uses inside the crypto ecosystem. Approved, this ETF might make LTC as the third cryptocurrency with an ETF despite its somewhat small market value of $5 billion.

Featured image from Fast Company, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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