- Litecoin rose over 11% in the past 24 hours, surpassing $123 in value.
- LTC became the top weekly gainer among the largest 100 cryptocurrencies as traders shifted toward older altcoins.
- In July, Litecoin made up 14.5% of all crypto payments on CoinGate, ahead of major stablecoins and second only to Bitcoin.
- Speculation about a potential spot ETF continues, despite the SEC delaying a decision on Grayscale’s application until October.
- LTC technical indicators show upward momentum, but resistance is expected between $124 and $131.
Litecoin (LTC) jumped by more than 11% in the last 24 hours, breaking past the $123 mark. The price surge makes LTC one of the top performers this week among the largest 100 crypto assets, as market participants moved into established altcoins in response to better market sentiment and renewed spot ETF discussions.
During July, Litecoin payments made up 14.5% of all cryptocurrency transactions on CoinGate, the company shared in a post on X (formerly Twitter). This put LTC ahead of popular stablecoins like USDT and USDC and only behind bitcoin in transaction volume.
Talk about a possible spot ETF for Litecoin has increased, despite the U.S. Securities and Exchange Commission (SEC) delaying its decision on Grayscale’s application until October. Bloomberg analysts gave the ETF’s approval a 90% chance earlier this month. They pointed to LTC’s commodity classification by the Commodity Futures Trading Commission (CFTC), which offers clearer regulation and lowers legal risks, similar to bitcoin and ether.
Elsewhere, MEI Pharma announced a $100 million allocation to Litecoin last month. The move echoes previous bitcoin treasury strategies and presents LTC as a potentially safer treasury asset, although the market impact has been limited so far.
Market data from CoinDesk Analytics shows that LTC has moved above its 7-day simple moving average, with a key level at $117.61. The relative strength index (RSI) is at 69.5, indicating strong momentum but not yet showing overbought conditions. However, some early momentum indicators, such as the moving average convergence divergence (MACD), suggest that growth could slow down if buyers do not keep supporting the price.
Analysts are watching for LTC to break through resistance between $124 and $131, which could signal a larger upward trend.
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