Litecoin Transaction Volume Surges Amid US ETF Listing Excitement
Litecoin network activity has surged, with daily transaction volumes reaching $9.6 billion, fueled by growing excitement around potential Litecoin exchange-traded funds (ETFs) listed on a US exchange. According to a February 21 report from network analytics platform Santiment, the surge in network utility played a key role in the 46% increase in Litecoin’s (LTC) market cap between February 2 and February 19.
These changes mark a significant increase since late August, when Litecoin processed around $2.8 billion in daily transactions, representing a 243% surge in just five months.
What else do we know? LTC’s price has doubled since early November to $134, outpacing the broader cryptocurrency market, which has risen around 42% over the same period. Investor enthusiasm has been heightened by developments surrounding the proposed Litecoin ETF.
The U.S. Securities and Exchange Commission (SEC) accepted rule changes on February 19 for the CoinShares Spot Litecoin ETF, which will be listed on Nasdaq.