Litecoin (LTC) was finally making news after staying on the sidelines for years. The altcoin is one of the earliest cryptocurrencies and was dubbed as digital silver while Bitcoin was called digital gold. Despite its early popularity, the asset was seen dropping down in terms of ranking. An LTC exchange-traded fund filing is the reason that the asset has been making noise yet again. While the asset was seen recording a double-digit spike, the real question is if LTC can continue this momentum into the next month.
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SEC Acknowledges Litecoin ETF Application
Canary Capital’s proposal for a Litecoin ETF was acknowledged by the SEC. This further gives the community confidence that it may eventually be listed on exchanges. It will be a significant milestone if the LTC ETF garners a green signal. This is because it would be the SEC’s first recognition of an altcoin ETF filing. According to Bloomberg senior ETF analyst Eric Balchunas, the proposal outperformed rivals after navigating regulatory constraints.
First alt coin 19b-4 to be acknowledged, rest were told to withdraw by Genz SEC. Throw in the comments from SEC on the S-1 and this filing is by far the furthest along checking all the boxes. Q now is will this SEC wait the full 240 days or approve more rapidly. Unknown. https://t.co/iXwq9PkLGr
— Eric Balchunas (@EricBalchunas) January 29, 2025
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This news impacted the price of the altcoin. Litecoin went from trading at a daily low of $110.28 all the way to a high of $130.41. Throughout the past 24 hours, the asset surged by a staggering 14% making it one of the top performers of the day. At the time of writing, the asset was trading at $129.23.
How High Will The Altcoin Trade In February?
According to data from CoinCodex, Litecoin will carry its current momentum into the coming month. The firm revealed that LTC will surge to a high of $217.69 following a 68% rise in February. The asset’s average trading price is expected to be around $170.
It is worth noting that LTC is 68% below its all-time high of $412. The altcoin attained this peak back in 2021 about four years ago. The approval of an ETF could push the price of Litecoin towards its peak.
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