- Litecoin surged past $118 due to rising institutional interest and whale accumulation.
- CanaryFunds’ amended ETF filing sparked optimism, hinting at potential regulatory developments.
- Increased whale activity and market confidence contributed to Litecoin’s strong upward momentum.
Litecoin—LTC, has broken through key resistance levels, reaching $118.35. This jump has caught the eye of both traders and investors. Behind this rise, several factors are playing a role. Growing interest from institutions and significant buying from whales are driving the price upward. Let’s dive into the main reasons behind this surge and what it could mean for LTC’s future.
ETF Optimism: CanaryFunds’ Filing Sparks Speculation
A major catalyst for this surge is the recent filing by CanaryFunds for a Litecoin ETF. Although the SEC hasn’t approved the filing yet, the news has created a wave of optimism in the market. The filing signals potential regulatory support, which could open doors for institutional investment.
In the past, even the possibility of an ETF has led to speculation and buying, which can drive up prices. Litecoin’s price movement, with the coin decoupling from other altcoins, suggests that traders are optimistic about the outcome. If the ETF gets approval, it could lead to increased liquidity and adoption, marking a significant shift for Litecoin.
Whale Activity and Market Confidence Surge
In addition to ETF news, strong whale activity is also contributing to Litecoin’s price rise. On-chain data shows that addresses holding over 10,000 LTC have purchased 250,000 coins since January 9th. This buying pattern mirrors what happened in December when whale holdings reached 48.89M LTC.
Such large-scale buying often leads to significant price movements, as whales have the power to sway the market. Litecoin’s market cap surged by 16.1% in just 11 hours, reflecting growing confidence. The 50-day moving average remains well above the 200-day moving average, indicating a solid upward trend.
Another sign of increased interest is the surge in Litecoin futures open interest, now over $474 million. This shows that sophisticated investors are positioning themselves for future growth. With whale buying and more institutional interest, Litecoin looks set for continued upward movement.
The post Litecoin Surges to $118: What’s Behind LTC’s Rise? appeared first on Cryptonewsland.
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