Litecoin (LTC) Rides Bullish Momentum as Market Anticipates Spot ETF Approval

Litecoin (LTC), currently ranked the 20th-largest cryptocurrency, is riding on bullish momentum in the crypto market. The digital asset recently broke past a previous record and continues to show signs of further price increases.

Litecoin (CRYPTO: LTC) price surged past a previous record on Monday amid a broader bullish momentum in the cryptocurrency market. The digital asset showed signs of further price increases.

What Happened: Litecoin price soared past the $73 mark for the first time since July, according to market data analytical platform Santiment.

This marked the first mid-sized breakout from Bitcoin (CRYPTO: BTC) and altcoins since spring, according to the platform.

Two major factors were noted by Santiment to be propelling the bullish momentum in Litecoin’s price.

The first factor was a surge in Litecoin’s onchain transaction volume, with data showing it soared to $4 billion in just 24 hours. This was the highest value recorded since June 2023.

The second factor was a spike in Litecoin retail interest, with discussions about LTC across social media platforms increasing substantially in the past few days.

These conversations were centered around ongoing initiatives and development in the Litecoin network, according to Santiment.

Positive conversations about a particular cryptocurrency on social media usually draw additional buyers, leading to price surges. Some investors even use social media sentiment as part of their trading strategies.

Another factor that could be contributing to Litecoin’s bullish performance is the expectations of an Exchange-Traded Fund (ETF).

Projections regarding a spot Litecoin ETF approval were heightened after Canary Capital filed an S-1 registration for the product.

The LTF ETF filing is awaiting approval from the US Securities and Exchange Commission. The product will allow investors to trade Litecoin without directly holding it if approved.

Litecoin’s key features make it appealing to institutional investors, with the network’s hashrate recently reaching an All-Time High (ATH) and contributing to its security.

However, Bloomberg ETF analyst Eric Balchunas said it was hard to get approval in the US for Canary Capital’s ETF filing.

He added that the ETF approval might depend on the US electing a pro-crypto President in the November elections.

LTC Price Action: At press time, LTC was trading at $73.09, up 1.01% in the past 24 hours, according to data from Benzinga Pro.

The coin was up 11.7% in the past seven days and had a total volume of $426,190,29 over the past 24 hours.

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