Litecoin (LTC) has shown an impressive price increase of over 11% in the last 24 hours, linked to heightened interest in altcoins and expectations of spot ETF approval.
ETF Approval and Regulatory Expectations
The expectation for a spot ETF approval for Litecoin is gaining momentum. The U.S. Securities and Exchange Commission (SEC) has postponed its decision on Grayscale’s application to October. Bloomberg analysts estimate a 90% chance of the ETF getting approved. This possibility is bolstered by the legal advantages of classifying Litecoin as a commodity. Regulatory clarity is drawing increased attention from institutional investors to the altcoin.
Fundamental and Technical Indicators
Litecoin’s commercial acceptance is also on the rise. A report from CoinGate indicated that the altcoin accounted for 14.5% of total transaction volume in July, surpassing major stablecoins like USDT and USDC. On the technical front, indicators support the altcoin’s price action. LTC has surpassed the 7-day simple moving average, with a crucial pivot level identified at $117.61.
Current Market Situation
According to CryptoAppsy data, LTC is currently trading at $122.94, with an 11.82% increase over the past 24 hours. The Relative Strength Index (RSI) is at 69.5, indicating that the potential for further gains remains intact.
As a result, Litecoin is demonstrating positive dynamics, and its price may continue to rise given the anticipated ETF approval and growing interest from institutional investors.
