Litecoin reached its two-month high after Canary Capital filed for a spot ETF, causing a significant price hike and increased futures market interest.

Litecoin Surge and ETF Filing

Litecoin rose by 7.2% over the last day to $71.52, its highest level since late July. The market capitalization grew from $4.6 billion to $5.36 billion. The primary catalyst is Canary Capital's filing for a spot Litecoin ETF, which could facilitate investment in Litecoin for both retail and institutional investors.

Market Reaction and Sentiment

The futures market showed similar enthusiasm, with open interest for LTC futures reaching a multi-month high of $170 million. The crypto fear and greed index moved from fear (38) to greed (77), indicating improved market sentiment, bolstered by Bitcoin and other altcoins' growth.

Analyst Expectations and Forecasts

Analyst ZAYK Charts noted that LTC broke out of a descending channel on the daily chart, typically signaling a bullish reversal. They expect the token to climb to $100 in the short term. A pseudonymous trader revealed accumulating 0.1% of Litecoin's total supply, citing its durability and the Lindy Effect as reasons for long-term investment.

The spot ETF filing and improved crypto market sentiment have allowed Litecoin to reach new heights, with analysts remaining optimistic about continued growth in the near future.