Litecoin (LTC) has registered a massive 12% uptick in the cryptocurrency market, pushing prices closer to the $96 resistance level. This development has sparked optimism in the Litecoin ecosystem despite a recent regulatory setback.
Litecoin price surge defies regulatory delay
According to CoinMarketCap data, the LTC price was changing hands at $90.84 as of press time. The coin had hit a high of $93.20 earlier in trading sessions, prompting anticipation that it could flip over $96.
Some even speculated that LTC could hit the psychological $100 level, but it soon experienced a pullback.
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Despite the slight price drop, investors remain active, as there has been a significant 68.78% uptick to $901.06 million within the same time frame.
The recent activity signals strong interest from market participants. This is despite the decision of the Securities and Exchange Commission (SEC) to delay approval of the spot LTC exchange-traded fund (ETF) filed by Canary Capital.
The coin had rallied from a market low of $81.78 in anticipation of a regulatory nod, which many stakeholders stood a chance of receiving due to the asset’s similarities to Bitcoin.
Notably, both are proof-of-work coins, and the major differences lie in their mining algorithms and supply caps. While Bitcoin has a maximum supply of 21 million, Litecoin has an 84 million cap.
Additionally, Bitcoin uses the SHA-256 algorithm, which is more memory-intensive than Litecoin’s Scrypt algorithm.
Market eyes whales and breakout potential
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On the broader crypto market, LTC looks likely to climb to a new level if it breaks the $96 resistance level. While strong trader activity exists in the ecosystem, LTC's ability to flip this resistance and hit higher levels depends on sustained retail interest.
Another catalyst that could trigger a spike is LTC whales. If these large holders begin massive accumulation, it might support the asset’s continued rally in the coming days.
