What happened?
Litecoin (LTC) surged over 10% in 24 hours, surpassing $124 and later stabilizing at $122. The increase is notable given the broader market pullback and Bitcoin’s challenges. This rally highlights a strong bullish sentiment, with predictions that LTC might reach $140 soon.
Who does this affect?
LTC’s rise impacts both crypto traders and institutional investors as it shows increased adoption and utility. With Litecoin becoming the second-most used cryptocurrency for payments, its broader acceptance influences market participation. For investors holding Litecoin or considering entry, this movement suggests potential growth opportunities.
Why does this matter?
The surge in LTC’s price and trading volume indicates a significant market momentum that can drive further investments. This is coupled with an 81% predicted chance of a Litecoin ETF approval by 2025, which would invite more institutional capital. Such developments could push LTC to outperform many altcoins, potentially reaching former all-time highs.