- Litecoin price rose 4% on Friday morning, surpassing $64.
- With Bitcoin rising to $30,000, LTC rose as positive sentiment permeated the altcoin market.
Litecoin (LTC) rose more than 4% on Friday morning amid positive reaction across the altcoin market to Bitcoin’s $30,000 surge. LTC traded at an intraday high of $64 on major exchanges, with daily trading volume reaching $370 million as buyers pushed the total cryptocurrency market capitalization to over $1.17 trillion.
Why did Litecoin price rise today?
With indicators such as Litecoin hashrate, a more optimistic picture seemed increasingly possible. jump One of the likely catalysts for hitting new highs could be increased crowd noise over the possibility of a spot Bitcoin ETF hitting the market sooner than expected.
Recent developments involving potential ETF issuers and the U.S. Securities and Exchange Commission (SEC) have led to a growing belief that the first spot ETF is a matter of when and if. Today’s court ruling on the Grayscale ETF is on the watch list of today’s cryptocurrency events.
This has the Bitcoin price poised to rise, and as quant trader Charles Edwards pointed out for X today, the positive outlook for this flagship cryptocurrency is bolstered by several key indicators for this cycle.
Here is a list of the first Bitcoins of this cycle:
– Hash rate growth actually increased during bear markets.
– Long-term holders supply recorded at 76.2%
– Government mining
– Lightning Network reaches over $150 million
– You can buy a burger at McDonald’s— Charles Edwards (@caprioleio) October 20, 2023
Another catalyst for LTC prices today could be regulatory news related to the SEC dropping charges against Ripple executives. The SEC filed a lawsuit against San Francisco-based Ripple in December 2020, suing Ripple CEO Brad Garlinghouse and Chairman Chris Larsen. The agency’s charges against the two men were dismissed on Thursday, and a trial scheduled for next April has not now proceeded. accident.
LTC appears to have shown an upward trend, with similar reactions across the altcoin market. Litecoin’s modest gains are dwarfed by the massive gains of some of today’s best-performing altcoins, including Solana and Bitcoin SV, but analysts believe the psychological $100 level could be reached if upward momentum continues. They are pointing out that there is a possibility of re-testing.
If BTC rises to further positivity, Litecoin could hit a yearly high before the bulls begin a parabolic rally.