Litecoin (LTC) price surged by 15% on Jan. 30, reaching a high of $134, following positive news regarding Canary Capital’s spot LTC ETF filing. The altcoin formed a bullish engulfing candle, marking a strong recovery after 11 days of price movement.
Canary Capital’s Spot Litecoin ETF Under SEC Review
According to Bloomberg ETF analyst James Seyffart, the US Securities and Exchange Commission (SEC) has started reviewing Canary Capital’s spot Litecoin (LTC) ETF 19-4b application. The application, which was filed on Jan. 16, sparked a price increase for Litecoin. Eric Balchunas, senior ETF analyst at Bloomberg, noted that this is the first-ever altcoin 19b-4 application the SEC has acknowledged. Historically, SEC chair Gary Gensler had rejected all similar applications, except for those involving Bitcoin and Ethereum. While the review process could take up to 240 days, the quick acknowledgment by the SEC’s new administration just two weeks after the filing has generated optimism in the market. Speculation surrounding potential ETF approvals for other cryptocurrencies, such as XRP, Solana, and Cardano, has also been gaining momentum, driving positive price movements across the board in recent weeks.
Litecoin Daily Active Users Surge
Litecoin has been showing strong performance on the on-chain front, outperforming other altcoins. According to data from IntoTheBlock, Litecoin reached 8.4 million addresses on Jan. 29, with daily active users (DAUs) exceeding 374,000. In comparison, Cardano and Avalanche combined only had 224,000 DAUs. Additionally, whale activity on Litecoin’s network is increasing. Addresses holding between 1,000 to 10,000 LTC have accumulated more than 1.83 million coins since December 2024. With both retail and whale interest on the rise, Litecoin is maintaining its breakout level. Technical analyst Javon Marks highlighted that Litecoin’s next target could be around $354, which is only $56 below its all-time high of $410. A retest of the $353 level could signal a 160% potential upside for the altcoin.
Conclusion
Litecoin’s recent price surge is driven by the optimism surrounding the spot LTC ETF application, strong on-chain metrics, and growing whale interest. This combination of factors suggests that the altcoin may continue to perform well in the coming weeks.
FAQs
What caused Litecoin’s price surge?
Litecoin’s price jumped following the news that Canary Capital’s spot LTC ETF is under review by the SEC. The anticipation of a successful ETF approval has generated optimism among investors.
What is the spot LTC ETF application?
The spot LTC ETF is a filing submitted to the SEC by Canary Capital to create an exchange-traded fund that would track the price of Litecoin. The SEC’s review process could potentially lead to greater institutional exposure to Litecoin.
How is Litecoin performing compared to other altcoins?
Litecoin is currently outperforming other altcoins like Cardano and Avalanche in terms of daily active users and on-chain activity. Whale activity is also increasing on Litecoin’s network.
What is the price target for Litecoin?
Technical analysts predict Litecoin could reach a price target of $354, which would be a 160% increase from its current level. This price target is close to its all-time high of $410.
I am Toby Rothschild, Co-Founder of Spearmint and author at Coinography, and a strategist focused on advancing Web3 innovation, digital ecosystems, and the future of decentralized technology. I combine product thinking, creative leadership, and deep interest in emerging trends to help shape how individuals and organizations interact with the next generation of digital systems.
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