As Bitcoin reaches $30k, Litecoin (LTC) price rises.
The price of Litecoin rose 4% to $64 on Friday morning. LTC surged as it entered the altcoin market amid Bitcoin's rally to $30k.
Litecoin (LTC) surged over 4% on Friday as the altcoin market reacted positively to Bitcoin's fresh rise to $30k. LTC traded to a daily high of $64 on major exchanges, with daily trading volume reaching $370 million.
Why has Litecoin increased in value today?
While a bullish image like Litecoin's hashrate jumping to new highs seems increasingly possible, it could be one of the most likely causes of Bitcoin ETF hitting the market faster than expected.
Recent developments involving potential ETF issuers and the US Securities and Exchange Commission (SEC) have led to a growing belief that the first place ETF is a matter of when and not. Today's court ruling on Grayscale ETF is one of the watch list of crypto events.
That Bitcoin price is poised to take off, and as quant trader Charles Edwards pointed out at X Today , the positive outlook for the on-demand cryptocurrency will improve on several key metrics this cycle.
The list of Bitcoins in this cycle starts first:
– Hash rate growth actually increased during a bear market – 76.2 percent of the supply is registered by long-term holders – Governments on the miner – Lightning Network reaches $150 million – You can buy burgers at McDonalds.
— Charles Edwards (@caprioleio) October 20, 2023
Another boost for LTC prices today could be regulatory news related to the SEC's dismissal of Ripple's executives. In December 2020, the SEC sued Ripple CEO Brad Garlinghouse and CEO Chris Larson when it filed suit against the San Francisco-based company. The agency's charges against the two were dismissed on Thursday, with the trial scheduled for April next year. It's happening.
LTC seems to have reacted similarly to the altcoin market. While Litecoin's modest gains have been dampened by big gains for some of the best altcoins today — including Solana and Bitcoin SV — there are analysts who suggest that a bullish flip to the upside could retest the $100 psychological level.
As BTC breaks higher on further positivity, a bull market could see Litecoin push past year-to-date highs before starting a parabolic rally.
