Why is Litecoin (LTC) price up today?
Litecoin price is up today after the SEC acknowledged Canary Capital's spot LTC ETF application within two weeks of its initial filing on Jan. 16.
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Altcoin Watch
Litecoin (LTC) price surged by 15% on Jan. 30 after a positive development surfaced with regard to Canary Capital’s spot LTC ETF filing. The altcoin reached an intra-day high value of $134, forming a bullish engulfing candle over the previous 11 days.
Litecoin 1-day chart. Source: Cointelegraph/TradingView
Canary Capital’s spot Litecoin ETF under SEC review
According to James Seyffart, Bloomberg ETF analyst, the US Securities and Exchange Commission (SEC) has taken Canary Capital’s spot LTC ETF 19-4b application under consideration. The spot LTC ETF was initially filed on Jan. 16, which also caused a positive price action for the altcoin.
Eric Balchunas, senior ETF analyst at Bloomberg, highlighted that this was the first ever altcoin 19b-4 application acknowledged. Gary Gensler, former SEC chair, had rejected every other application other than Bitcoin, and Ethereum.
While the review process can take up to 240 days, the rapid acknowledgment imbued by the new administration two weeks after its filing may galvanize a sense of optimism in the industry.
ETF speculations for other crypto assets such as XRP (XRP), Solana (SOL), and Cardano (ADA) have also picked up steam in recent weeks, causing positive price movements across the board.
Litecoin daily active users eclipse ADA and AVAX
From an onchain perspective, Litecoin’s metrics are outperforming Cardano and Avalanche in terms of activity. Data from IntoTheBlock showed the altcoin’s network had a total of 8.4 million addresses on Jan. 29, with daily active users (DAUs) surpassing 374,000. In comparison, Cardano and Avalanche had a combined 224,000 DAUs.
Litecoin whale addresses accumulation. Source: X.com
Additionally, whale addresses were also starting to take an interest in Litecoin, with addresses holding between 1,000 to 10,000 LTC, adding more than 1.83 million coins since the beginning of December 2024.
With both retail and whale interest coming back in the fold, Javon Marks, a technical analyst, mentioned that the altcoin is also holding its “breakout” level.
Litecoin daily analysis by Javon Marks. Source: X.com
The analyst said that the first area of interest or target remains around the $354 level, which is only $56 under its all-time high of $410. A retest at $353 would imply a 160% upswing for the altcoin.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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