Market Reversal: Litecoin Price Rises 16% Amid Growing Institutional Interest
The Litecoin (LTC) price has risen by 16% over the past hours, reflecting renewed investor confidence despite the recent downturn in the cryptocurrency market.
The price reached $123, supported by speculation surrounding the launch of a cryptocurrency-specific Exchange-Traded Fund (ETF).
Activity on the Litecoin network shows an increase in institutional interest, processing $9.6 billion in daily transaction volume, up 243% over the past five months.
According to Bloomberg analysts, the likelihood of the U.S. Securities and Exchange Commission (SEC) approving a Litecoin-based Exchange-Traded Investment Fund is 90%.
“Canary Capital” has already filed for the launch of the fund, and if approved, it could boost institutional demand for the currency.
However, resistance at $140 remains a challenge, while analysts expect a rise to $170 if the upward momentum continues.
But any rejection or delay by the SEC could lead to a decline in sentiment again.