Litecoin (LTC) spikes as Bitcoin hits $30k
- Litecoin price jumped 4% to above $64 on Friday morning.
- LTC was up as positive sentiment permeated the altcoin market amid Bitcoin’s rally to $30k.
Litecoin (LTC) rose more than 4% early on Friday amid a positive reaction across the altcoin market to Bitcoin’s fresh spike to $30k. LTC traded to intraday highs of $64 across major exchanges, with daily trading volume hitting $370 million as buyers pushed the total crypto market cap to over $1.17 trillion.
Why is Litecoin price up today?
Although a bullish picture has looked increasingly possible with metrics such as Litecoin hashrate jumping to new highs, one of the likely catalysts could be the increased crowd noise on the probability of a spot Bitcoin ETF hitting the market sooner than anticipated.
Recent developments involving potential ETF issuers and the US Securities and Exchange Commission (SEC) have added to the growing belief that the first spot ETF is a matter of when and not if. A court ruling on the Grayscale ETF today is one of the things on the crypto events watchlist for today.
That has Bitcoin price poised for takeoff, and as quant trader Charles Edwards pointed out on X today, the flagship cryptocurrency’s positive outlook is enhanced by the several key metrics in this cycle.
A list of Bitcoin firsts this cycle:
– Hash Rate growth actually increased in bear market
– Record 76.2% of supply held by long-term holders
– Governments mining it
– Lightning Network hits $150M+
– You can buy a burger at McDonalds with it— Charles Edwards (@caprioleio) October 20, 2023
Other catalysts for LTC price today could be the regulation news related to SEC dropping charges against Ripple executives. The SEC sued Ripple CEO Brad Garlinghouse and Executive Chairman Chris Larsen when it filed a lawsuit against the San-Francisco-based company in December 2020. The agency’s charges against the two were dismissed on Thursday, with the trial scheduled for April next year now not happening.
LTC looks to have pumped amid a similar reaction across the altcoin market. While Litecoin’s modest gains are dwarfed by the colossal returns for some of the best performing altcoins today – including Solana and Bitcoin SV – the bullish flip has analysts pointing to a potential retest of the psychological $100 level if upward momentum holds.
BTC breaking higher on further positivity could see Litecoin push for year-to-date highs before a bull market sets in a parabolic rally.