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Litecoin (CRYPTO: LTC) bumped to a five-month high Monday, buoyed by prospects for its spot exchange-traded fund approval.
The proof-of-work cryptocurrency popped over 9% to sail past $121, the highest it has been since early March. As of this writing, LTC was the market's third-biggest gainer in the last 24 hours.
The coin's trading volume skyrocketed 168% to $1.68 billion, reflecting high trader interest and liquidity.
LTC's spike overshadowed the more popular coins such as Bitcoin (CRYPTO: BTC) and Dogecoin (CRYPTO: DOGE), which gained 0.02% and 3.78%, respectively.
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Cryptocurrency commentator Rain set a $150 price target for the coin, projecting that big moves are "likely to come."
Diamond hands were piling on the coin, evidenced by the increase in the balance held by long-term holders, according to IntoTheBlock data. Moreover, whale transactions, i.e., those valued at over $100,000 increased 9.38% in the last 24 hours.
Excitement was building around an LTC spot ETF, with popular asset management firms such as Grayscale, CoinShares and Canary Funds vying to introduce the $9 billion asset to Wall Street. The final deadline for the Canary ETF is set for Oct. 2.
As of this writing, cryptocurrency bettors on popular prediction platform Polymarket expected over 80% chance of approval in 2025. Bloomberg analyst Eric Balchunas predicted earlier in the year that Litecoin would be the first altcoin ETF in 2025
Price Action: At the time of writing, LTC was trading at $121.35, up 9.7% in the last 24 hours, according to data from Benzinga Pro.
Photo Courtesy: alfernec on Shutterstock.com
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