#CPIWatch Analysis: What is behind the current levels of LTC?.
$LTC ✨💥✨💥✨
#BTCWhaleTracker Litecoin shows signs of recovery, despite the drop recorded during the day. The price managed to rebound from its weekly low of $86.4 and still retains accumulated gains over the last seven days.
At the time of writing, LTC is priced at $93.44, with daily losses of 1.8%, weekly gains of 8.1%, and monthly gains of 8.3%. Although it has not yet reached the key level of $100, it maintains a positive performance both weekly and monthly.
What drives the price of LTC upwards?.
As noted in previous analyses, there is strong upward pressure on LTC and other altcoins due to the recent momentum of Bitcoin, which marked a new all-time high of $123,200.
In light of these highs, analysts anticipate a possible "altcoin season," a period in which multiple alternative cryptocurrencies tend to experience significant increases following the movement of BTC, a pattern that has historically repeated.
In addition, rumors are circulating about the approval of a Litecoin ETF in the United States, which has fueled optimism. While the SEC has postponed its decision, analysts now estimate a 95% probability of approval.
Last month, Bloomberg analysts specializing in ETFs, Eric Balchunas and James Seyffart, raised the odds of approval for several spot funds based on altcoins.
