Litecoin (LTC) surged over 50% this week after bouncing off local support around the $90 price region. The cryptocurrency, often called “digital silver,” rallied strongly, sparking predictions of a potential breakthrough above $150 and higher price levels.
LTC whales have embarked on a massive accumulation of the first-generation cryptocurrency, per on-chain data. This buying spree is largely attributed to market speculation surrounding Canary Capital’s potential Litecoin ETF application. Analysts believe this development is fueling optimism and increased activity.
Litecoin’s Recent Price Performance
In the meantime, TradingView’s data show that Litecoin has surged over 13% in the early hours of today’s trading session, signaling a sustained momentum in the current rally. LTC traded for $139.92 at the time of writing, marking only the second time the cryptocurrency has reached this level since February 2022.
The price rally coincides with Donald Trump’s upcoming inauguration as U.S. President, boosting crypto market sentiment. Many investors anticipate favorable policies under the new administration. While LTC enjoys a bullish trend, other cryptocurrencies, including XRP, ADA, and XLM, have also posted notable gains this week.
Nonetheless, heightened speculation about Canary Capital’s LTC ETF application’s approval remains the main tailwind behind Litecoin’s recent move. Renowned Bloomberg ETF analyst Eric Balchunas recently stated that a Litecoin ETF would most likely be the next spot crypto ETF that the U.S. will approve.
Breaking above $150 will clear the road to its path toward the next major target of $200, triggering a full-fledged bull run. Such a move would position Litecoin as a leading contender in the upcoming altcoin season.