BTCUSD Bitcoin

As rumors of the possible approval of Litecoin ETF widely spread, LTC price jumped by 18% over 24 hours to $118. Launched as an alternative for Bitcoin in 2011, the cryptocurrency draws much interest among analysts and investors alike. Canary Capital has made a significant step forward in its quest for a Litecoin ETF. The company recently filed an amendment to its S-1 registration form with the US Securities and Exchange Commission, a move that industry experts interpret as a sign of ongoing discussions with the regulatory body. Related Reading: Expert Sees Bitcoin Dipping To $50K While Bullish Momentum Persists For market watchers and crypto aficionados alike, this development has spurred a great ounce of optimism. Considered as a good indication of possible approval, the revised filing indicates that the SEC has responded on Canary’s application. Analysts Comment On Litecoin ETF Approval Prospects Senior ETF analyst Eric Balchunas of Bloomberg has publicly expressed his opinion that the “most likely” contender for the next spot crypto ETF approval is a Litecoin ETF. This prediction has gained traction in the crypto community. Balchunas does, however, also recognize the uncertainties the forthcoming shift in SEC leadership brings. Though the date of his Senate confirmation is yet unknown, the choice of former SEC commissioner Paul Atkins—considered crypto-friendly—by President-elect Donald Trump has spurred hope even further. We had heard chatter that the Litecoin S-1 had gotten comments back from SEC. This looks to confirm that which bodes well for our prediction that Litecoin is most likely to be the next coin approved. All that said, new SEC chair has yet to start and that’s a huge variable. https://t.co/cKFswPwcr0 — Eric Balchunas (@EricBalchunas) January 15, 2025 James Seyffart, another Bloomberg ETF expert, said that the change could mean that the SEC has given feedback on the application. NEW: @CanaryFunds just filed an amended S-1 for their Litecoin ETF filing. No guarantees — but this might be indicative of SEC engagement on the filing. Still no 19b-4 filing yet though (A 19b-4 would actually start the potential approval/denial clock) h/t @isabelletanlee pic.twitter.com/wFtNOmbmYx — James Seyffart (@JSeyff) January 15, 2025 Investor Activity & Market Reaction A Litecoin ETF promises to set off a major market reaction. Large holders of Litecoin have been accumulating the cryptocurrency, with addresses holding at least 10,000 LTC collectively acquiring an additional 250,000 LTC since January 9. Related Reading: Analyst Declares XRP A Bullish Favorite – Rally Imminent? This trend of buying more Litecoin is similar to what happened in early December. It shows that big traders are having a strong effect on Litecoin’s price trajectory. The trading activity has also increased sharply, with Litecoin’s 24-hour volume jumping over 240%, reaching $1.7 billion. Implications For The Crypto Market If approved, a Litecoin ETF would represent a big milestone for the digital currency. Litecoin would then join Bitcoin and Ethereum as the only cryptocurrencies with US-approved spot ETFs, strengthening its market position. Featured image from DALL-E, chart from TradingView