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Litecoin (CRYPTO: LTC) rallied by double digits on Thursday, defying the broader cryptocurrency pullback.
The proof-of-work cryptocurrency popped over 10% to $131, the highest it has been in nearly eight months. Its trading volume exploded 143% to $1.66 billion, making it one of the most transacted tokens in the last 24 hours.
LTC overshadowed market heavyweights such as Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), which corrected 0.52% and 1.87%, respectively.
LTC’s speculative market erupted, with open interest in the coin’s futures rising 25% to $1.21 billion, according to Coinglass.
See Also: Bitcoin, Ethereum, Dogecoin, XRP Fall Amid Government Shutdown Uncertainty: Analytics Firm Says BTC Needs To Hold This Level In Short Term
The rally builds in anticipation of the approval of a spot exchange traded fund that will expose investors to the price movements of LTC.
Leading asset management firms such as Grayscale, CoinShares and Canary Capital are vying to introduce the $10 billion asset to Wall Street.
The Canary Litecoin ETF missed its Oct. 2 deadline due to the government shutdown, but an updated registration statement was filed earlier this week.
Bloomberg analyst Eric Balchunas said these details are typically the last thing to be updated before “go-time.”
Price Action: At the time of writing, LTC was exchanging hands at $130.27, up 10.12% in the last 24 hours, according to data from Benzinga Pro. Year-to-date, the coin has rallied 26%.
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