The price of Litecoin (LTC), the SPOT LTC ETF application by Canary Capital, was rapidly evaluated by the US Securities and Stock Exchange Commission (SEC). The adoption of the application made on January 16 in only two weeks created an optimistic atmosphere in the market and caused the price of LTC to gain value.
Litecoin price increased by 15 %
The price of Litecoin increased by 15 %as of January 30 to $ 134. This ascension came with a powerful purchase wave that allows the loss of the losses in the last 11 days. LTC has created a large rise in the daily graph and reassured confidence among investors.
The fact that the Canary Capital’s application of Spot Litecoin ETF application was the biggest trigger of this price increase. According to Bloomberg ETF analyst James Seyffart, this development is considered a historical moment for Litecoin. Because the SEC has constantly rejected the applications of Spot ETF of crypto beings other than Bitcoin and Ethereum.
Bloomberg’s senior ETF analyst Eric Balchunas said that this could be the beginning of a new era for the crypto market. The acceptance of the new administration within only two weeks has led to the hopes of investors in the crypto sector that there may be a change in the SEC’s approach.
ETF speculation for other crypto assets is strengthening
This positive development for Litecoin increased expectations that other large crypto currencies such as XRP, Solana (left) and Cardano (Ada) could enter a similar process. In recent weeks, as the ETF speculation for these assets increased, prices across the market have moved upwards.
SEC’s acceptance of Litecoin ETF application is considered a positive signal not only for LTC, but for the entire Altcoin market. If this application is approved, the approach of regulatory institutions for crypto currencies may change, which may pave the way for other major subcoin projects to apply for ETF products.
Litecoin Network Event left Cardano and Avalanche behind
The rise in Litecoin price is not limited to ETF news. In-chain (On-Chain) data shows that Litecoin’s effectiveness on the market has increased.
INTOTHEBLOCKAccording to the data provided by the Litecoin network reached 8.4 million active addresses as of January 29th. The number of daily active users (DAU) increased over 374,000. To compare, the total number of active users in Cardano and Avalanche networks was recorded as only 224,000. This shows that Litecoin is more adopted than competing projects.
In addition, whales (major investors) began to show interest in Litecoin. When the mobility on the chain is examined, it is seen that the addresses that hold 1,000 to 10,000 LTC have accumulated 1.83 million LTC since December 2024. This shows that major investors have a positive expectation for the future of Litecoin.
Target Level for Litecoin: 354 dollars
Technical analysts say that Litecoin creates strong support at current levels and maintains a significant fracture level.
Javon Marx, a well -known analyst in the crypto market, said that if Litecoin maintains the current trend, his first major target was $ 354. This level is only $ 56 of $ 410, which is the highest level of LTC.
If the price of Litecoin reaches $ 353, this will mean a 160 %increase. The interest of whales and the optimism created by ETF news increases the likelihood of LTC to reach this level.
