Litecoin Price Surges Amid Aggressive Whale Accumulation
Litecoin price advanced more than 5% to above $118 as momentum was catalyzed by aggressive whale accumulation and exchange-traded fund buzz. The significant increase in price has sparked interest among investors and analysts alike.
Breaking Resistance
The price of Litecoin jumped to above $118 for the first time since bulls gave up gains amid broader market sell-off on Aug.25. After repeatedly finding robust resistance around the $113–$115 area, Litecoin advanced to an intraday high of $118.73 at the time of writing.
Top Gainer in Mega-Cap Coins
It’s a performance that saw Litecoin rank among the top gainers in the crypto market’s mega-cap coins, a feat that aligned with increased buy-side pressure. This surge in price has brought attention to the factors driving this growth.
Aggressive Whale Accumulation
Crypto market intelligence and onchain metrics platform Santiment pointed out that Litecoin’s price gain came amid an aggressive shift by whales. For instance, wallets holding 1,000 LTC or more accumulated 181,000 additional coins on Sept. 9. The buying pressure alluded to the market’s reaction to bullish news, analysts at Santiment noted.
Exchange-Traded Fund Filings
One of the potential drivers appears to be Grayscale’s latest exchange-traded fund filings, which saw the crypto asset manager submit ETF applications for LTC as well as Bitcoin Cash and Hedera. Grayscale is seeking to list shares of the Litecoin ETF on NYSE Arca, joining multiple other applications before the SEC.
Investment Exposure to LTC
“While an investment in the shares is not a direct investment in LTC, the shares are designed to provide investors with a cost-effective and convenient way to gain investment exposure to LTC,” Grayscale noted in its S-3 statement. This move is expected to increase investor interest in Litecoin.
SEC Approval Anticipation
Anticipation is that the SEC will soon approve new crypto ETFs, and Litecoin stands as one of those with the highest chance of a nod. The approval of a Litecoin ETF could lead to increased demand and higher prices for the cryptocurrency.
Increased Interest on Wall Street
The other bullish catalyst is increased interest in LTC on Wall Street. Recently, MEI Pharma, rebranded as Lite Strategy, became the first company listed in the U.S. to adopt LTC as a primary reserve asset. Charlie Lee, the creator of Litecoin, is a board member of Lite Strategy, the company that has committed $100 million toward a Litecoin treasury strategy.
Igniting Huge Interest in LTC
Santiment says the move has ignited huge interest in LTC. As news of these developments spreads, it is likely that more investors will take notice of Litecoin, potentially leading to further price increases. For the latest news and updates on cryptocurrency, visit bitpulse.