Against the backdrop of news about a possible ETF listing in the USA, the transaction volume of Litecoin increased to $9.6 billion. This demonstrates increased interest in the cryptocurrency and its investment potential.
According to data from the Santiment network analytics platform, from February 2 to 19, the market capitalization of Litecoin (LTC) grew by 46%. This was made possible by the increase in network activity and the utility of the cryptocurrency.
Since the end of August, the transaction volumes of Litecoin have grown more than three times — to $2.8 billion. This growth indicates a significant increase in interest in the cryptocurrency.
The price of LTC also showed growth, doubling from the beginning of November to $134. The cryptocurrency outperformed the broader cryptocurrency market, which grew by about 42% during the same period. Investors enthusiastically reacted to the news about the proposed Litecoin ETFs.
On February 19, the U.S. Securities and Exchange Commission (SEC) began reviewing applications to amend rules for the CoinShares Spot Litecoin ETF. It is expected to be listed on Nasdaq.
The next day, the Depository Trust and Clearing Corporation (DTCC) listed the proposed Litecoin ETF from Canary Capital under the ticker 'LTCC'. This event marked an important step towards a potential market debut. The involvement of DTCC plays a crucial role, given its significant role in processing trillions of dollars in daily securities transactions.
Representatives of the Litecoin fund emphasized the importance of the DTCC listing as a key preparatory step for the fund's launch. However, it is worth noting that this step does not guarantee approval or immediate trading. Analysts continue to assess the likelihood of approval this year at 90%.