crypto-news-flash.com
- Litecoin (LTC) is poised for mid-term gains based on positive cash inflow and hype around Ethereum and Solana ETF products.
- Likened Bitcoin, Litecoin continues to enjoy retail and institutional adoption with a positive long-term outlook.
Litecoin (LTC) is eyeing a rebound as demand for the digital asset skyrockets. The latest weekly report by CoinShares shows a positive cash inflow in Litecoin institutional products. Despite high anticipation of a bullish 2024, LTC has been among the highest underperformers.
Investors have been optimistic about a price breakout based on the successive LTC halving earlier this year. Like Bitcoin (BTC), the digital asset has failed to deliver. Widely viewed as the silver to Bitcoin’s gold, the network shares many similarities to Bitcoin.
The recent report reveals that Bitcoin’s investment products saw a cash inflow of about $10 million, pushing its AUM to over $67.57 billion. Solana (SOL) and Litecoin (LTC) reported modest inflows of $1.6 million and $1.4 million, respectively, signaling some positive momentum building for these assets.
The U.S. is leading in investment, with approximately $43 million. Brazil and Australia followed, with inflows of $7.6 million and $3 million, respectively. In the past, Europe has come second, and the emergence of Brazil and Australia signals growing interest in diverse regions.
Institutional interest in Solana is based on the recent Solana spot ETF filing. As Crypto News Flash reported, VanEck has become the first financial service provider to file for this ETF with the U.S. SEC. ETF experts speculate that once an Ethereum spot ETF is approved this month, chances of a Solana ETF will skyrocket. Similarly, a Litecoin ETF looks imminent based on its features, which are similar to Bitcoin’s ETF, which was launched at the start of the year.
At the time of writing, LTC is exchanging hands for $74.59 after a 6% surge in the last week. These gains are owed to the ETF hype, growing adoption as a payment option, and on-chain metrics support.
Bulls are keen to ensure that the digital asset continues to trade above the $70 support position. On the higher side, the altcoin faces resistance at $80 and $90 and, more decisively, $100, which could mark a bullish turning point.
Charlie Lee, the founder of Litecoin, has recently shared the Cryptocurrency’s accomplishments and revealed its future plans. The founder spoke to a leading media outlet at the recent Consensus 2024 conference on the cryptocurrency’s expansion and acceptance over the last six years. From its inception to ranking among the most popular cryptocurrencies, Lee’s observations illuminated the development and future potential of Litecoin.
It is important to note that LTC was among the top ten ranked coins by market cap a few years back. However, its subdued performance has seen it get overtaken; at the time of writing, it is ranked 21 with a market cap of $5.5 billion.