Litecoin rose 10% as Canary Capital Spot LTC ETF pointed out.

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Litecoin briefly surged above $70 after Canary Capital filed with the SEC for its Litecoin ETF. Since the SEC views most crypto assets as securities, it's unclear whether the ETF will get the green light.

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Litecoin (LTC) jumped 10% to $70.8 shortly after Canary Capital, a crypto-focused investment management firm, filed an application for its publicly-listed Litecoin ETF.

Canary's listing makes it the first entity to apply for an ETF license to track the value of LTC, now the 27th ranked crypto asset by market value, according to CoinGecko data.

Over the past seven days, LTC has surged more than 7% as bulls dominate the crypto market, while Bitcoin nears $68,000. However, LTC remains above 80% of its all-time high, which still has some distance to cover.

Following the sudden surge, the crypto asset retreated to around $69.5, still posting gains over the past 24 hours.

Ahead of the proposed Litecoin ETF, Canary filed with the SEC earlier this month to seek approval for the XRP ETF.

Litecoin and XRP are among the crypto assets Grayscale offers through the Grayscale Litecoin Trust (LTCN) and the Grayscale XRP Trust (XRX).

In the year Launched in 2018, Litecoin Trust allows investors to gain exposure to LTC price movements without the complexities of directly purchasing, storing and maintaining the crypto asset. The XRP Trust was launched last month.

Canary Apps comes at a time of growing interest in crypto investments, especially after the successful launch of spot bitcoin and ethereum ETFs in the US. If approved, the new ETFs could lead to higher liquidity and more stable prices for underlying assets.

While the company wants to diversify its crypto-related offerings, whether they will receive the SEC's approval remains a big question, as the regulator views Bitcoin and Ethereum as securities, excluding them.

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