Litecoin is making waves on the market, and it’s not just the price that’s rising.
Thanks to the hype around potential ETFs, daily transactions on the Litecoin network have skyrocketed to $9.6 billion.
That’s 243% increase from just five months ago when daily transactions hovered around $2.8 billion.
Litecoin ETF on the horizon?
So, what’s behind this sudden jump? Well, it seems that excitement is brewing over the potential approval of Canary Capital’s spot Litecoin ETF.
Following the footsteps of Bitcoin, which saw its first ETFs get the green light from the SEC 13 months ago, Litecoin is now in the spotlight, and Santiment shared that Litecoin’s market cap jumped by 46% between February 2 and 19, reflecting a growing interest from investors eager to hop on the train.
Just to give you a sense of how fast things are moving, LTC prices have doubled since early November, so while the crypto market has seen a respectable 42% increase during this time, Litecoin is clearly stealing the show.
SEC’s turn
On February 19, the SEC acknowledged a rule change for listing CoinShares’ spot Litecoin ETF on Nasdaq.
Then, just a day later, Canary Capital’s ETF appeared on the Depository Trust and Clearing Corporation system under the ticker LTCC.
Now, if you’re wondering why this matters, the answer is the DTCC handles trillions of dollars in securities transactions daily. The Litecoin Foundation pointed out that this is a big step toward launching the fund.
🚨BREAKING: @CanaryFunds Litecoin ETF has been listed on the Depository Trust and Clearing Corporation system under the ticker LTCC! The DTCC is key part of global financial markets and processes trillions of dollars in securities transactions each day. pic.twitter.com/pzkyiBAGTI
— Litecoin Foundation ⚡️ (@LTCFoundation) February 21, 2025
Before you get too excited and start planning your next vacation with your newfound riches, Bloomberg ETF analyst Eric Balchunas reminded us that just because these preparations are happening doesn’t mean the ETF is approved or ready to trade yet.
Analysts are giving it a solid 90% chance of approval this year.
Litecoin price performance
In response to all this ETF chatter, LTC prices jumped about 8.5%, climbing from an intraday low of $127 to $138 before taking a slight breather on February 21.
Over the past two weeks alone, Litecoin has seen nearly a 30% rise, outperforming Bitcoin, which has been stuck in a tight range since dipping into five figures earlier this month.
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