Litecoin’s (LTC) price has increased by 6.70% today and reclaimed the $70 level for the first time in nearly two months. This notable increase comes after investment firm Canary Capital disclosed that it is pursuing a Litecoin exchange-traded fund (ETF) with the SEC.
With the ETF filing acting as a catalyst, this on-chain analysis highlights how Litecoin’s price could experience a substantial surge. Should Litecoin’s price continue to rise, investor interest may surge. This could also allow long-term holders to unlock profits after months of volatility.
ETF Speculation Lifts Litecoin
Litecoin’s 6.70% price increase today positions it as one of the top gainers out of the top 100 coins. Data from CoinGecko shows it is only behind Dogecoin (DOGE), which has surged by 8% over the last 24 hours.
As mentioned above, Canary Capital’s announcement of its pursuit of a Litecoin ETF with the US SEC is the rally’s driving force. Despite that, on-chain data from IntoTheBlock reveals that a significant portion of Litecoin holders have not yet benefited from the recent price surge.
According to the In/Out of Money Around Price (IOMAP) metric, around 840,000 LTC addresses bought their coins between $71.54 and $81.14. This suggests that these holders are still “underwater,” as the current price of LTC remains below their entry levels.
Read more: Litecoin vs. Ethereum: What’s the Difference?
Until LTC surpasses this level, those who purchased in this range might continue to face selling pressure as they
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Author: Victor Olanrewaju
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