Litecoin (LTC) changed its presence in the cryptocurrency market by making a comeback last week. The asset witnessed immense volatility over the past couple of days, with major upticks followed by similar downfalls. This sudden buzz in the LTC market was linked to Canary Capital’s application for a Litecoin ETF.
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Analyzing Litecoin’s Market Volatility and ETF Impact
Expressing excitement about the same, LTC’s founder Charlie Lee said, “I am pleased to see Canary Capital applying for a Litecoin ETF. We have indeed observed significant institutional demand for Litecoin. This is evident from the daily growth of the Grayscale Litecoin Trust, whose price is more than double its net asset value. Given that Litecoin is a commodity very similar to Bitcoin, I hope to see the Litecoin ETF approved soon.”
Amidst this, Litecoin was trading at $71.37, a drop of 3.12% over the past 24 hours. The asset rose by over 7% throughout the last week. But its latest price drop has shattered the hopes of those who were expecting to see LTC rise to $100.
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Litecoin’s Rise to $200
Data from Coincodex revealed that LTC will struggle to hit $200 over the next couple of months. Despite being considered a bullish period, the last quarter of 2024 will be quite slow for the altcoin. The highest price level that LTC will reach is $152.31 during the month of December. This further marks a notable increase from its current price level.
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The firm also revealed that LTC will surge to a high of $101.24 later this month. It looks like, LTC investors will be pocketing major gains in the next couple of months.