#Litecoin soars by 10% driven by ETF speculation

Litecoin ($LTC ) has experienced an impressive increase, surpassing 10% in its value and reaching $123, becoming the top-performing cryptocurrency of the week among the top 100. This rise is largely attributed to growing speculation about the potential approval of a spot Litecoin ETF. Despite the Securities and Exchange Commission (SEC) postponing its decision on a Grayscale application until October, market optimism remains high.

Bloomberg analysts estimate a 90% probability of approval for an LTC ETF, citing its classification as a "commodity" by the CFTC. This regulatory distinction gives it a significant advantage, placing it alongside Bitcoin and Ether in terms of legal clarity.

Additionally, interest in Litecoin has also been bolstered by its growing adoption in the payments sector. In July, LTC accounted for 14.5% of all cryptocurrency payments on the CoinGate platform, surpassing stablecoins like $USDT and $USDC .