- The price of Litecoin jumped 4% above $64 on Friday morning.
- LTC rose as positive sentiment permeated the altcoin market amid Bitcoin rally to $30k.
Litecoin (LTC) surged more than 4% early Friday amid a positive reaction in the altcoin market to Bitcoin’s fresh rise to $30k. LTC traded at intraday highs of $64 on major exchanges, with daily trading volume reaching $370 million as buyers pushed the total crypto market cap to over $1.17 trillion.
Why Is Litecoin Price Rising Today?
Although a bullish picture looked increasingly strong with metrics like Litecoin hashrate jumping to new highs, one possible catalyst could be increased crowd noise about the possibility of a spot Bitcoin ETF hitting the market earlier than expected.
Recent developments involving potential ETF issuers and the US Securities and Exchange Commission (SEC) have added to the growing belief that the first spot ETF is a matter of when, not if. A court decision on the grayscale ETF today is one of the things on the crypto event watch list for today.
This means Bitcoin price is poised for takeoff and, as quant trader Charles Edwards pointed out at X today, the top cryptocurrency’s positive outlook is bolstered by various key metrics in this cycle.
A list of Bitcoin starts this cycle for the first time:
– Hash Rate growth actually increased in the bear market
– A record 76.2% of the supply held by long-term holders
– Governments mine it
– Lightning Network reaches $150M+
– You can buy a burger at McDonalds with it
— Charles Edwards (@caprioleio) October 20, 2023
Other catalysts for the LTC price today could be the regulatory news related to the SEC’s withdrawal of charges against Ripple executives. The SEC sued Ripple CEO Brad Garlinghouse and Executive Chairman Chris Larsen when it filed suit against the San Francisco-based company in December 2020. The agency’s charges against the two were dismissed on Thursday, with the trial having scheduled for April next year now not happening.
LTC appears to have drawn amid a similar backlash in the altcoin market. While Litecoin’s modest gains are dwarfed by colossal returns for some of today’s best-performing altcoins – including Solana and Bitcoin SV – the upside reversal has analysts pointing to a possible retest of the psychological $100 level if the upside momentum is maintained.
BTC breaking higher on further positivity could see Litecoin push for year-to-date highs before the bull market begins a parabolic rally.