Here is Why Litecoin (LTC) Jumps 12% in 24 Hours

Litecoin (LTC) has demonstrated a significant surge of 12% in value, breaking past key resistance levels and solidifying its position above the $70 mark.

This upward trajectory mirrors the positive momentum observed in Bitcoin and Ethereum, suggesting a broader bullish sentiment within the cryptocurrency market.

Following a consolidation phase above $65, LTC initiated a fresh rally, decisively breaching the $68 and $70 resistance levels. This upward movement resulted in a price gain exceeding 12%, culminating in a high of $72.74 before entering a period of consolidation, according to technical analysts.

Why is Litecoin Surging?

Litecoin’s robust recent performance may be significantly driven by the growing likelihood of a US-listed spot Litecoin exchange-traded fund (ETF). The US Securities and Exchange Commission (SEC) has already acknowledged Canary Capital’s ETF proposal.

Approval would offer investors direct Litecoin exposure without the complexities of exchange trading or self-custody. Bloomberg’s senior ETF analyst, Eric Balchunas, predicts a 90% chance of SEC approval for a spot LTC ETF by the end of 2025.

Polymarket places the probability even higher, at 84%, for approval this year. While other firms like Grayscale, 21Shares, and Bitwise are pursuing ETF applications for cryptocurrencies including XRP, ADA, and DOGE, their approval odds, ranging from 54% to 78%, are comparatively lower.

Currently, LTC is trading comfortably above the $70 level and the 100-period simple moving average (4-hour chart). This price stability is further supported by its position above the 23.6% Fibonacci retracement level of the recent upward swing from the $65.29 low to the $72.74 high.

Adding to the bullish outlook, a key ascending trend line has emerged on the hourly LTC/USD chart, providing support at approximately $68.00. Notably, this trend line aligns closely with the 61.8% Fibonacci retracement level of the aforementioned upward move.

Litecoin Price Trajectory in 24-hour

Litecoin (LTC) experienced a surge in trading volume, reaching over $1 billion in the past 24 hours—a significant 66.70% increase from the previous day. This substantial rise indicates heightened market activity.

Litecoin’s all-time high price of $410.26, achieved on May 10, 2021, stands in stark contrast to the current price, which is 66.83% lower. Conversely, the current price significantly surpasses the all-time low of $1.15, recorded on January 14, 2015, representing a remarkable 11,743.62% increase.

Over the past week, Litecoin has demonstrated robust performance, with a 17.10% price increase. This outpaces the overall cryptocurrency market’s decline of -1.90% and also surpasses the performance of similar Smart Contract Platform cryptocurrencies, which saw a modest 0.70% increase.