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- Litecoin (LTC) has been spotted in the DTCC system; however, a Bloomberg analyst explains that this is “not synonymous” with approval.
- An analyst has predicted that Litecoin could surge by 40x to hit $5000 as it breaks above the resistance of an upper trendline.
Litecoin (LTC) is making headway into the Exchange Traded Fund (ETF) world as the Canary Litecoin ETF SHS BEN INT has been found in the Depository Trust and Clearing Corporation (DTCC) system. According to the report, the Litecoin ETF was listed under the ticker LTCC on February 20.
In a post shared by the Litecoin Foundation, the DTCC was described as an important part of the global financial market that ensures that trillions of dollars in securities transactions are processed each day.
Bloomberg ETF analyst Eric Balchunas also clarified the confusion around this listing by explaining that the LTC ETF is not basically approved or yet to be approved. According to him, this only implies that the issuer is “making preparation for when it is.”
In a previous article, we discussed Bloomberg’s James Seyffart and his colleague Balchunas’s prediction that the Litecoin ETF has a 90% chance of approval this year. In that report, these analysts argued that Litecoin could be recognized as a commodity as it is in better shape in terms of regulatory demands. Most importantly, the S-1 and 19b-4 forms have already been filed and acknowledged.
As indicated in another discussion, Balchunas believes that the Litecoin ETF is “by far the furthest along checking all the boxes.” However, Seyffart has noted that this may not attract much demand. Even so, it could still be acquired by companies with as low as $50 million.
They don’t have to hit it out of the park on a flows basis to be worthwhile from an issuer perspective.
Litecoin (LTC) Price Reacts
Following the DTCC listing, LTC recorded 3.8% and 6% gains on its daily and weekly price charts to trade at $135. According to Santiment data, its market capitalization has also surged by 46% since February 2.
Fascinatingly, the asset’s pace of growth is partly linked to the incredible rise in network utility, which has processed $9.6 billion in daily transaction volume for the past seven days.
Comparatively, Litecoin was processing $2.8 billion in daily transaction volume in late August. This implies that the current level represents a whopping 243% surge in just five months. According to market data, the price of LTC has also doubled since November 2024. Interestingly, Santiment links this to the growing excitement around the potential ETF listing.
There is clear growing excitement around a potential Litecoin ETF, 13 months after Bitcoin’s first ETFs were approved by the SEC.
Amidst the ongoing developments, an analyst identified as Crypto Surf has observed the formation of a symmetrical triangle pattern on the asset’s six-month chart. Technically, this usually occurs during periods of consolidation. Meanwhile, Litecoin has broken above the resistance level of an upper trend line, indicating that there could be a bullish continuation.
This analyst believes that Litecoin could surge by almost 40x to $5,000 if the momentum continues. According to our recent analysis, this aligns with another prediction that the asset could surge by 360% in 14 days.
