Litecoin soars over 10%!
The Queen of Silver leads the hunt for Altcoins with ETF rumors and skyrocketing real-world use.
#Litecoin has once again become the center of attention, featuring one of the most notable surges this week by rising over 11% and surpassing $123.
This movement has made it the biggest weekly winner among the top 100 cryptocurrencies, driven by a combination of factors including growing adoption, speculation about an ETF, and increasing institutional interest.
ETF on the Horizon: Despite the SEC delaying its decision on Grayscale's Spot ETF application for Litecoin until October, optimism remains intact.
Bloomberg analysts have estimated a 90% chance of eventual approval, citing the classification of #LTC as a commodity by the CFTC, a key distinction that provides regulatory clarity similar to #bitcoin and #Ethereum .
Growing Real-World Adoption: A fundamental factor in the surge is the utility of LTC in the real world. In July, Litecoin accounted for 14.5% of all cryptocurrency payments on CoinGate, surpassing stablecoins like USDT and USDC and only behind Bitcoin. This demonstrates practical and sustained adoption reinforcing its value proposition.
Corporate Treasury in Sight: MEI Pharma announced a $100 million allocation in Litecoin last month. Although the purchase has not significantly moved the market, it reflects a new perspective for LTC as a low-beta treasury asset, following in the footsteps of early Bitcoin adoptions by corporations.