Litecoin (LTC) – Next ETF
- WBOYOriginal
- 2024-06-25 09:50:09442browse
In economics, scarcity often drives demand, and Litecoin is no exception. Often called the silver to Bitcoin's gold, Litecoin stands as a provably scarce asset.
Economics 101 tells us that scarcity often drives demand, and Litecoin is no exception to this rule. Often referred to as the silver to Bitcoin’s gold, Litecoin is a provably scarce asset. Capped at a maximum of 84 million, over 74 million LTC are now in circulation, bolstering its case for long-term value appreciation.
The limited supply of Litecoin serves as a robust base for its value, positioning it favorably within the cryptocurrency market. However, its muted price action has largely dominated the token’s overall discourse.
Delving deeper into its price technicals, Litecoin’s value attempts to hold onto the support area. To avoid a potential heavy sell-off, the daily candle needs to close above this support zone. According to market experts, traders can consider opening a small long position within the $73 – $75 support range, provided there is a tight stop loss just below the $70 level. Given the current market conditions, traders are urged to keep a close watch for a potential breakout above the $82 – $83.5 resistance area.
Key Levels to Watch:
Maintaining the support level is crucial for Litecoin’s price stability. Should the price fall below this range, it could spark significant selling pressure. On the other hand, breaking above the resistance area could signal a bullish trend, potentially attracting more buyers and driving the price higher.
Litecoin - Next In Line For An ETF?
Given its functional similarities to Bitcoin, market proponents pinned their hope for a similar LTC ETF. Recent developments concerning LTC have also played a role in steering institutional sentiment toward the token. A month back, Coinbase filed applications with the CFTC seeking approval to launch futures trading on Litecoin, Dogecoin [DOGE], and Bitcoin Cash [BCH] on April 1.
The arrival of spot Bitcoin and Ethereum ETFs in the market has given a major boost to the argument for an LTC ETF. Founder Charlie Lee is optimistic about the same and believes that Litecoin is the ideal candidate for an ETF because of its commodity character.
News source：https://www.kdj.com/cryptocurrencies-news/articles/litecoin-ltc-etf.html
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