Having celebrated its thirteenth birthday at the beginning of last week, Litecoin ($LTC) may now be in line for ETF treatment, according to a new filing by Canary Capital, a digital asset investment company from Valkyrie co-founder Steven McClurg.
The news has had a typically bullish effect on the price of Litecoin, which rose 6.5% overnight to trade at $71.46 as of this writing. This puts Litecoin 9% above its price last Wednesday and about 12% higher than a fortnight ago.
The month-old Canary Capital is the first to apply for a Litecoin ETF. Earlier this year it submitted a filing for an XRP ETF, clear signals that the firm wants to lead the crypto ETF space.
The US SEC approved nearly a dozen spot Bitcoin ETFs at the start of the year, excitement for which drove the original cryptocurrency to hit a new all-time high of $73,737.94 back in March.
This was seen as a pivotal moment in crypto adoption since ETFs are regulated investment vehicles that track the price of the underlying asset. This enables investors to effectively invest in crypto without having to worry about the dangers of buying and holding it themselves.
Bitcoin ($BTC) is also up today, but not by much. It rose 3.7% to trade at $67,956 as of this writing.
Will Litecoin Continue Its ETF-Fuelled Run?
Given the fact that Litecoin only moved 13.6% in the last 365 days with the last week accounting for 12% of that, it’s fair to say that Litecoin is a slow moving crypto.
However, the green trend line on the price chart below indicates consistent rising support from lows around $50 up to its current level. The horizontal red line represents a key summer resistance level, which Litecoin is now within spitting distance of challenging.
A relative strength index of 60 and falling indicates Litecoin’s recent rally has not over-valued the asset and it’s likely to remain stable going into the weekend, pending a good news cycle.
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ETfs were a big driver for both Bitcoin and Ethereum prices this year, although the novelty aspect had diminished by the time the US SEC green-lit Ethereum ETFs in midsummer.
Coins like LTC and XRP are well established altcoins. Everyone knows what they do and everyone knows what the alternatives are. Investing in Litecoin may be a wise move now as there is a good possibility the coin will have its own ETF, but beyond that, there’s nothing Litecoin offers consumers that they can’t find elsewhere.
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The post Litecoin Surges After Canary Capital’s ETF Filing – Is $1,000 LTC Now a Real Possibility? appeared first on Cryptonews.
