Litecoin Spikes Tracking Bitcoin Rally
Litecoin (LTC) rose over 4% early on Friday due to Bitcoin’s recent spike to $30k. LTC reached intraday highs of $64 across major exchanges, with daily trading volume reaching $370 million. The total crypto market cap is over $1.17 trillion. A bullish picture is possible due to metrics like Litecoin hashrate reaching new highs. Crowd noise on the probability of a spot Bitcoin ETF hitting the market is increasing, with developments involving potential ETF issuers and the US SEC adding to the belief that the first spot ETF is a matter of when and not if.
Bitcoin price is poised for takeoff due to key metrics in this cycle, as noted by quant trader Charles Edwards. Regulation news related to the SEC dropping charges against Ripple executives could also catalyze LTC price. The SEC sued Ripple CEO Brad Garlinghouse and Executive Chairman Chris Larsen in December 2020, but the charges were dismissed, causing the trial scheduled for April next year to not occur.
(With inputs from Shikha Singh)
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