Litecoin price surges as it could get ETF approval

Litecoin (LTC) has been getting a lot of attention in the last 24 hours, jumping to around $116 today, 28th January. The main reason? People are excited about the possibility of a Litecoin ETF. Canary Capital recently filed for one with the SEC, and since Litecoin is similar to Bitcoin, many believe it has a good chance of getting approved.

If that happens, it could be a big deal. Just look at what happened with Bitcoin: when the SEC approved Bitcoin ETFs in January 2024, its price shot up. An ETF makes buying in easier for big investors, bringing more money and stability to the market. Moreover, the overall altcoin market growth could benefit from this type of approval. If Litecoin follows the same path, its price could climb even higher.

Another thing helping Litecoin is that the U.S. Commodity Futures Trading Commission (CFTC) now classifies it as a commodity, meaning it’s officially recognized as a real asset. This makes investors feel safer putting their money into it. Plus, big firms like Grayscale have been buying up Litecoin, showing they believe in its future.

Litecoin isn’t just for investing, though – it’s useful for payments. It’s fast, has low fees, and is already used by more businesses. The more people use it in everyday transactions, the more valuable it becomes.

Right now, Litecoin is trading at $114.45, with a high of $116.69 and a low of $110.31 today. The price is moving, but the overall trend looks good. If an ETF gets approved, Litecoin could see a significant boost, just like Bitcoin did. This could bring in more investors, more users, and a lot more growth in the future.