The price of Litecoin (LTC) jumped by over 4% on Friday as positive sentiment spread across the altcoin market following Bitcoin’s surge to $30,000. LTC reached intraday highs of $64 on major exchanges, with a daily trading volume of $370 million. This upward movement in LTC contributed to pushing the total crypto market cap to over $1.17 trillion.

Why is Litecoin’s price rising?

While factors such as Litecoin’s hash rate reaching new highs have created a bullish outlook, one possible catalyst for the price increase could be the growing speculation surrounding the arrival of a spot Bitcoin ETF in the market sooner than expected. Recent developments involving potential ETF issuers and the US Securities and Exchange Commission (SEC) have fueled beliefs that the launch of the first spot ETF is only a matter of time. The outcome of the court ruling on the Grayscale ETF is one of the key events in the crypto world today.

Additionally, the dropping of charges against Ripple executives by the SEC could also be a contributing factor to the rise in LTC price. The SEC had previously sued Ripple CEO Brad Garlinghouse and Executive Chairman Chris Larsen in December 2020. However, the charges against them were dismissed on Thursday, postponing the trial until April next year.

Although Litecoin’s gains are relatively modest compared to other top-performing altcoins like Solana and Bitcoin SV, analysts suggest that if the upward momentum continues, LTC may aim for a psychological level of $100. If Bitcoin continues to show positive momentum, LTC could reach year-to-date highs before entering a parabolic rally.

Summary:

The price of Litecoin (LTC) rose by more than 4% as positive sentiment swept through the altcoin market following Bitcoin’s surge to $30,000. LTC reached a high of $64 on major exchanges, with a daily trading volume of $370 million. The speculation surrounding the introduction of a spot Bitcoin ETF and the dropping of charges against Ripple executives by the SEC are considered possible catalysts for the price increase. Despite being outperformed by other altcoins, analysts predict that if the upward trend persists, LTC may aim for a psychological level of $100.

FAQs:

1. What caused the increase in Litecoin’s price?

The increase in Litecoin’s price was driven by positive sentiment in the altcoin market following Bitcoin’s surge to $30,000. Speculation surrounding a potential spot Bitcoin ETF and the dropping of charges against Ripple executives by the SEC also contributed to the price increase.

2. What is the significance of the Grayscale ETF court ruling?

The court ruling on the Grayscale ETF is one of the key events in the crypto world. It could have an impact on the overall market sentiment and potentially influence the launch of the first spot ETF.

3. How does Litecoin’s performance compare to other altcoins?

While Litecoin’s gains are relatively modest compared to other top-performing altcoins like Solana and Bitcoin SV, analysts believe that if the upward momentum continues, LTC may aim to reach the psychological level of $100.

4. What is the outlook for Litecoin’s price in the coming months?

If Bitcoin continues to show positive momentum, it could drive Litecoin’s price to reach year-to-date highs before entering a parabolic rally. However, future price movements are subject to market conditions and investor sentiment.

Sources:
– CoinJournal