In a turn of events that would make even the most seasoned financial pundit raise an eyebrow, the daily transactions on the Litecoin network have soared to a staggering $9.6 billion per day! This surge, dear reader, is largely attributed to the exchange-traded fund issuers who have been busily plotting to list their proposed Litecoin ETFs in the good ol’ United States of America. One can only imagine the excitement in the air, akin to a butler discovering a forgotten bottle of vintage port! 🍷
According to the ever-watchful Santiment, Litecoin’s (LTC) market capitalization has experienced a delightful 46% increase from February 2 to 19, indicating that investors are positively frothing at the mouth with interest. It seems that part of this growth can be traced back to “its strong rise in network utility, which has been processing a jaw-dropping $9.6 billion in daily transaction volume over the past week.” One might say it’s the financial equivalent of a dog chasing its tail—entertaining and bewildering all at once!
To put this in perspective, Litecoin was languishing at around $2.8 billion in daily transaction volume back in late August. Fast forward five months, and we’re looking at a staggering 243% increase! And if that wasn’t enough to tickle your fancy, LTC prices have doubled since early November, outpacing the broader crypto market, which has only managed a modest 42% gain during the same period. Talk about a financial glow-up! 💸
“There is clear growing excitement around a potential Litecoin ETF, 13 months after Bitcoin’s first ETFs were approved by the SEC,” chirped Santiment, as if they were announcing the arrival of a long-lost cousin at a family reunion. The Securities and Exchange Commission, in a move that can only be described as timely, acknowledged a rule change to list the CoinShares spot Litecoin ETF on the Nasdaq on February 19. How splendid! 🎉
Meanwhile, a listing of Canary Capital’s Litecoin ETF was spotted on the Depository Trust and Clearing Corporation (DTCC) system under the ticker LTCC on February 20. The DTCC, a veritable titan in the global financial markets, processes trillions of dollars in securities transactions each day. The Litecoin Foundation, in a moment of clarity, explained, “It’s a key preparatory step for the fund’s potential launch.” One can only hope they have their ducks in a row! 🦆
Bloomberg ETF analyst Eric Balchunas, ever the voice of reason, cautioned that this doesn’t mean the product is approved or ready to start trading. “But it does show the issuer is making preparations for when it is,” he noted sagely. He added that the analysts’ odds for approval this year were still at a rather optimistic 90%. One can only hope they’re not counting their chickens before they hatch! 🐣
In a delightful twist, LTC prices spiked around 8.5% in response to the DTCC listing, climbing from an intraday low of $127 to $138 before a slight pullback on February 21. The asset has risen almost 30% over the past fortnight, leaving Bitcoin (BTC) in the dust, as it has remained tightly range-bound since it fell back into five figures in early February. Oh, the irony! 😂
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2025-02-21 08:34