bullish

Litecoin

Donald Trump

<p>After months of quiet, <a href="https://coinpedia.org/price-prediction/ltc-litecoin-price-prediction/" target="_blank" rel="noreferrer noopener">Litecoin (LTC)</a>, the third-largest cryptocurrency using the <a href="https://coinpedia.org/beginners-guide/proof-of-work-pow/" target="_blank" rel="noreferrer noopener">proof-of-work (PoW) </a>consensus, is showing signs of a bullish shift. With a market cap of around $6.2 billion and an average daily trading volume of $523 million, Litecoin has jumped more than 14% in the last two weeks, trading at $73.86 as of Friday, October 18, during the early Asian trading hours.</p>   
<p>Litecoin’s rise comes alongside Bitcoin (BTC), which has recently neared the $68k mark. The broader crypto market is signaling a potential breakout, fueled by October’s positive sentiment and changing global economic factors.</p>   
<p>Could this be the beginning of a new bull run for Litecoin?</p>   
<h2 class="wp-block-heading" id="h-what-s-driving-litecoin-s-price-surge">What’s Driving Litecoin’s Price Surge?</h2>   
<h3 class="wp-block-heading" id="h-filing-of-the-first-spot-ltc-etf">Filing of the First Spot LTC ETF</h3>   
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
   https://twitter.com/coinpedianews/status/1846524840452235468?s=46 
 </div>
</figure>   
<p>Several factors are pushing Litecoin’s recent growth. Earlier this week, Canary Capital filed the first <a href="https://coinpedia.org/news/spot-litecoin-etf-filed-by-canary-capital-game-changer-for-investors/" target="_blank" rel="noreferrer noopener">spot Litecoin ETF</a> with the U.S. Securities and Exchange Commission (SEC). With the possibility of Donald Trump winning the 2024 election, there’s increasing speculation that SEC Chair Gary Gensler could be replaced, raising hopes that the spot LTC ETF might be approved next year.</p>   
<p>Institutional support for Litecoin has also been strong. Major players like Fidelity Crypto and Grayscale Investments have backed the asset, helping build its reputation and market value.</p>   
<h3 class="wp-block-heading" id="h-rising-demand-from-retail-investors-nbsp">Rising Demand from Retail Investors&nbsp;</h3>   
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
   https://twitter.com/santimentfeed/status/1847057906078044478?s=46 
 </div>
</figure>   
<p>According to market and on-chain research by Santiment, the ongoing Litecoin price bullish breakout is majorly attributed to rising demand from both retail and institutional investors.</p>   
<p>Specifically, Santiment noted that Litecoin’s on-chain transactions spiked to $3.97 billion on October 17, which was the highest since June 3, 2023.</p>   [post_titles_links postid="368548"]   
<h3 class="wp-block-heading" id="h-continued-network-development-nbsp">Continued Network Development&nbsp;</h3>   
<p>The Litecoin network has continued to grow in the past years to a major crypto project, backed by over 9.2 million holders. As of this writing, the Litecoin network had a total hash rate of 1.31 PH/s and a total mining difficulty of 42.19 M.</p>   
<p>Due to its high throughput, low transaction fees, and undisputed security, the Litecoin network has been integrated as a form of payment by dozens of web3, and web2 business projects.</p>   
<p>For instance, PayPal-backed Venmo recently partnered with MoonPay to allow 60 million users in the US to buy Litecoin.</p>   
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio">
 <div class="wp-block-embed__wrapper">
   https://www.youtube.com/watch?v=aP2Q_7rzNs0&amp;pp=ygUadXMgZWxlY3Rpb24gMjAyNCBjb2lucGVkaWE%3D 
 </div>
</figure>   
<p><strong>What's next for Litecoin? Only time will tell. Stay tuned to Coinpedia.</strong></p>

Why Litecoin (LTC) Price is Surging?

Table of Contents

CoinPedia News

Other articles published on Oct 18, 2024

Bitcoin quietly ignites a bull run as attention stays on stocks

Beast Musk Solana Memecoin Will Rally 16,000% Before Exchange Listing, While Shiba Inu and Dogeco...

Solana Memecoin Pepe Diddy (PEPEDIDD) to Surge 12,000% Ahead of First Exchange Listing, While Dog...

26 Million U.S. Voters Consider Candidate’s Crypto Stance Crucial in 2024 Election — New Survey

The Future of Blockchain Gaming on the TON Network

Elon Musk Shares Fresh Take on D.O.G.E., Dogecoin Army Excited

Join our free newsletter for daily crypto updates!