Litecoin prices have surged off the back of ETF hype. Will it last?
Having celebrated its thirteenth birthday at the beginning of last week, Litecoin ($LTC) may now be in line for ETF treatment, according to a new filing by Canary Capital, a digital asset investment company from Valkyrie co-founder Steven McClurg.
The price of Litecoin has responded to the news in a generally positive manner; as of this writing, it has increased 6.5% overnight to trade at $71.46. This places the price of Litecoin 9% higher than it was on Wednesday and roughly 12% higher than it was two weeks ago.
First to apply for a Litecoin ETF is Canary Capital, which has been around for a month. It made a filing for an XRP ETF earlier this year, indicating its intention to take the lead in the cryptocurrency ETF market.
At the beginning of the year, the US SEC approved almost a dozen spot Bitcoin ETFs, which caused the original cryptocurrency to surge to a new all-time high of $73,737.94 back in March.
Given that ETFs are regulated investment vehicles that track the price of the underlying asset, this was seen as a turning point in the adoption of cryptocurrencies. This makes it possible for investors to profitably invest in cryptocurrency without worrying about the risks associated with purchasing and retaining it themselves.
Not significantly, but Bitcoin ($BTC) is up today as well. As of now, it was up 3.7% to trade at $67,956.
Will Litecoin Continue Its ETF-Fuelled Run?
It is reasonable to conclude that Litecoin is a slow moving cryptocurrency given that it has only moved 13.6% over the last 365 days, with the last week accounting for 12% of that total.
On the price chart below, however, the green trend line shows steadily rising support from lows around $50 up to its current level. The horizontal red line denotes a significant summer resistance level that Litecoin is almost certainly going to challenge.
Relative strength index of 60 and declining means that the recent rally in Litecoin has not overpriced the asset, and barring a positive news cycle, it is expected to stay stable into the weekend.
Hedge Against Possible SPX6900 Price Manipulation With Crypto All-Stars
This year, Ethereum ETFs and Bitcoin prices were significantly influenced by each other, even though the novelty value had worn off by the time the US SEC approved Ethereum ETFs in mid-summer.
Altcoins with a good reputation include XRP and LTC. Everyone is aware of what they do and what their options are. Investing in Litecoin now could be a smart choice because there is a good chance the coin will have an ETF of its own, but other than that, there is nothing unique that Litecoin has to offer users.
However, a number of tokens in the presales market are providing distinctive and possibly revolutionary value propositions.
One such project is Crypto All-Stars ($STARS), a ground-breaking platform that unites the most well-known meme coins in one location, serving as a unified staking protocol for enthusiasts of meme coins.
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Later on, more meme coins will be integrated by the team.
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