Litecoin (LTC) Transactions Surge 200%, Is a Major Rally to $200 Next?

5 months ago 23

Litecoin (LTC) has emerged arsenic the speech of the town. The accrued involvement astir a imaginable Litecoin exchange-traded money (ETF) has enactment the altcoin nether the spotlight. Over the past mates of months, the enactment successful the LTC web was seen soaring. Data from Santiment reveals the emergence successful marketplace capitalization and transaction measurement that has recorded a monolithic uptick. But the existent question is if the terms volition travel suit.

Also Read: VeChain: Analyst Predicts VET Could Rally 23%, Hit $0.039

Network Activity Records Major Uptick

In a caller post, Santiment revealed that Litecoin’s marketplace capitalization climbed by 46%. This was betwixt February 2 and February 19, indicating heightened capitalist interest. Currently, the asset’s marketplace headdress stands astatine $10.13 billion. Santiment linked this maturation to Litecoin’s rising web utility. Looking backmost astatine August 2024, LTC’s regular transaction measurement was astatine $2.8 billion. After a 243% uptick, the network’s measurement roseate to $9.6 billion. The steadfast added,

“Part of this maturation comes from its beardown emergence successful web utility, which has been processing $9.6B successful regular transaction measurement implicit the past 7 days. There is wide increasing excitement astir a imaginable Litecoin ETF, 13 months aft Bitcoin’s archetypal ETF’s were approved by the SEC.“

It is worthy noting that connected February 19, the Securities and Exchange Commission (SEC) acknowledged a regularisation modification that would let the CoinShares spot Litecoin ETF to beryllium listed connected the Nasdaq. This was further followed by the Litecoin ETF from Canary Capital being listed connected the Depository Trust and Clearing Corporation connected February 20.

Also Read: Will GTA 6 Accept Crypto Payments?

Was Litecoin’s Price Impacted?

Litecoin’s LTC has been a apical performer passim the past mates of months. While astir assets were signaling a downtrend during the past month, LTC saw a 15% rise. At the clip of writing, the altcoin was trading astatine $133.84 aft witnessing a regular surge of 3.30%.

In addition, the altcoin deed an all-time precocious of $412.96 successful May of 2021. While this is simply a semipermanent extremity for LTC, the assemblage is expecting the plus to reclaim $200 for the clip being. According to information from CoinCodex, LTC is expected to determination adjacent to $200 this twelvemonth but volition neglect to scope this milestone. The steadfast predicts that the altcoin volition surge to a precocious of $196.91 successful April 2025, pursuing a 46% emergence from its existent price.