Litecoin (LTC), the third largest cryptocurrency, has recently shown signs of a bullish outlook after being relatively quiet for the past few months. With a market cap of around $6.2 billion and a daily trading volume of approximately $523 million, the mid-cap altcoin has surged over 14 percent in the last two weeks to reach a price of $73.86 on October 18.
This upward momentum for Litecoin coincides with a similar trend seen in Bitcoin, which has also seen a rise in its price above $68k recently. The entire cryptocurrency market has been hinting at a potential bullish breakout, driven by the October narrative and changes in macroeconomics.
One of the major factors contributing to Litecoin’s price breakout is the filing of the first spot Litecoin ETF by Canary Capital with the US SEC. There is optimism that with a potential change in leadership at the SEC due to the upcoming US presidential election, the spot LTC ETF could be approved next year. Litecoin has garnered significant support from institutional investors like Fidelity Crypto and Grayscale Investments in the past.
Another contributing factor to Litecoin’s price surge is the rising demand from both retail and institutional investors. On-chain transactions for Litecoin spiked to $3.97 billion on October 17, the highest since June 3, 2023. This increased activity indicates growing interest in the cryptocurrency.
The continued development of the Litecoin network has also played a role in its recent price momentum. With over 9.2 million holders, a total hash rate of 1.31 PH/s, and a total mining difficulty of 42.19 M, Litecoin has established itself as a major player in the crypto space. Its high throughput, low transaction fees, and strong security have made it a popular choice for businesses looking to integrate cryptocurrency payments. For example, Venmo, backed by PayPal, recently partnered with MoonPay to allow 60 million users in the US to purchase Litecoin.
Overall, the recent bullish breakout for Litecoin is a combination of factors such as the filing of the spot LTC ETF, rising demand from investors, and continued network development. As the cryptocurrency market continues to evolve, Litecoin is well-positioned to capitalize on these opportunities and potentially see further growth in the future.