Litecoin LTC/USD turned one of many greatest cryptocurrency gainers Tuesday, outpacing cash with considerably larger market capitalization.
What occurred: The proof-of-work cryptocurrency lifted over 5% within the final 24 hours to a market capitalization of $9.23 billion. The coin’s buying and selling quantity surged 90% to $1.89 billion.
LTC’s rally overshadowed heavyweights like Bitcoin BTC/USD and Ethereum ETH/USD, which fell 2.54% and 4.63%, respectively, within the final 24 hours.
The optimistic momentum was imparted following Bloomberg ETF analyst Eric Balchunas’ remarks that spot exchange-traded funds tied to LTC may get approval forward of Solana SOL/USD and XRP XRP/USD.
Balchunas famous that as Litecoin is a tough fork of Bitcoin, it could keep away from regulatory scrutiny since it’s typically seen as a commodity.
As of this writing, LTC has one S-1 submitting, that was submitted by cryptocurrency-focused funding agency Canary Capital in October.
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Why It Issues: After lagging behind a lot of the market in 2024, Litecoin bought a recent lease of life as a result of broader rally spurred by Donald Trump’s presidential victory final month.
The coin has jumped 31% within the final month, exceeding the returns from Bitcoin and Ethereum.
Social mentions of the coin have considerably risen, in line with social intelligence platform LunarCrush, doubtlessly indicating rising retail curiosity.
Zooming out, we see that $LTC continues to achieve momentum with social mentions accelerating dramatically this yr, hitting the very best level ever on November 15ᵗʰ. pic.twitter.com/UNPzIPKgJW
— LunarCrush Social Intelligence (@LunarCrush) December 18, 2024
Moreover, the coin’s Open Curiosity surged 17% within the final 24 hours, and over 48% over the earlier month, implying a surge in bets on future worth actions.
Round 72% of merchants on Binance have been levered lengthy on LTC as of this writing, in line with the Lengthy/Brief Ratio.
Worth Motion: On the time of writing, Litecoin was exchanging arms at $122.03, up 4.70% within the final 24 hours, in line with knowledge from Benzinga Professional.
Photograph by DIAMOND VISUALS on Shutterstock
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