The price of Litecoin (LTC) has seen a significant increase of 7.5% over the past 24 hours, standing at €64.79, with a local high of $70.50 on October 16, 2024. This rally is mainly due to Canary Capital’s application for a Litecoin Spot ETF. The news has generated a lot of excitement among investors, who see this move as an opportunity for greater institutional participation in Litecoin.
The proposed ETF by Canary Capital, according to S-1 documents filed on Oct. 15, seeks to mirror the performance of the CoinDesk Litecoin Price Index (LTX). If approved by U.S. regulators, the ETF would offer investors direct exposure to Litecoin, potentially opening new doors for financial institutions to participate more actively in this market. This is a significant step for the cryptocurrency, which has been one of the biggest laggards compared to others such as Bitcoin and Ethereum.