These Litecoin metrics rise to monthly highs as LTC price rises above $70

Litecoin experienced a mini-run, with the price rising above $73 for the first time since July. For the week, the crypto asset attracted 12% gains.

This marks its first notable breakout of Bitcoin and altcoins since the spring.

Litecoin ready for a comeback?

According to Santiment’s latest analysis, two key factors appear to be fueling this bullish trend in Litecoin.

Litecoin is enjoying a nice mini run, jumping above $73 for the first time since July. This is their first mid-sized Bitcoin and altcoin exit since the spring. Two main factors are:

⚡️ The continued increase in transaction volume on the LTC chain, which has almost surpassed $4 million… pic.twitter.com/oSKt7mRC2L

— Santiment (@santimentfeed) October 17, 2024

First, Litecoin’s transaction volume approached $4 billion this week, its highest level since June 3, 2023. Second, social dominance is also on the rise, with the 1.08% of all cryptocurrency discussions now related to Litecoin, the highest since April 1, 2024.

This increase in both price and commitment indicates growing interest in Litecoin, driven by its increased network activity and a renewed focus from retail traders.

Alongside its rising price, Litecoin recently celebrated its 13th anniversary on October 7, having completed a record 77 million transactions this year.

Litecoin, which once held a prominent position among the top 10 cryptocurrencies, is now the 26th largest digital asset with a market capitalization of $5.41 billion, according to data compiled by CoinGecko. Despite this drop in its ranking, Litecoin seems poised to make a comeback.

Could Litecoin’s Resurgence Attract Institutional Investors?

Driving this momentum is the potential institutional demand that has prompted Canary Capital Group to apply for a Litecoin ETF. Canary Capital Group is a newly established investment firm focused on digital assets and was founded by Steven McClurg, former co-founder of Valkyrie Funds.

The company recently filed the first Form S-1 for the same with the US Securities and Exchange Commission (SEC). If approved, the ETF will provide direct exposure to Litecoin for both institutional and retail investors.

While discussing LTC’s potential for institutional adoption, Canary Capital told Fox Business that,

“As one of the longest blockchains with 100% uptime since its inception, Litecoin has demonstrated a proven track record of security and reliability with important enterprise-level use cases. With its strong foundation, Litecoin continues to play a prominent role in the broader cryptocurrency ecosystem, which Canary believes could make it attractive to a wider range of institutional investors.”

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