LTC Skyrockets 7% as Canary Files for Litecoin ETF After XRP

Canary Capital, an asset manager, revealed on Tuesday that it has filed an S-1 registration with the United States Securities and Exchange Commission (SEC) to launch a Litecoin exchange-traded fund (ETF). If approved, the ETF will give both retail and institutional investors broad direct exposure to Litecoin ($LTC), the 21st largest cryptocurrency by market capitalization.

Filing the S-1 registration form is the first step in launching an $LTC ETF, but Canary must still wait for the SEC to analyze the documentation.

The move comes less than a week after Canary Capital filed to launch an $XRP-based ETF, following in the footsteps of asset manager Bitwise, which filed its own $XRP ETF application on Oct. 1.

As one of the longest-running blockchains, Litecoin recently marked its 13th anniversary, with milestones such as 77 million transactions in 2024, 100% uptime and privacy advancements via MWEB, demonstrating a thriving community and optimism for its future in the cryptocurrency sector.

Litecoin jumps 7%

Litecoin jumped by around 7.5% in the last 24 hours, reaching to over $71.94 in yesterday's trading session, as traders flocked into the market following the hype surrounding Canary Capital's recent registration for a spot Litecoin exchange-traded fund (ETF). In today's trading session, Litecoin reached $74.06, its highest since July 2024.

At the time of writing, $LTC was up 8.43% in the last 24 hours to $71.64. Litecoin has been increasing since Oct. 14. The price skyrocketed on Oct. 15 when Canary Capital announced a spot Litecoin ETF application in the crypto industry. $LTC's price burst in a single massive daily candle and has continued to rise as Bitcoin and the crypto market rallied.

Bitcoin topped $68,000 for the first time in over two months, as volatility returned. Litecoin's next resistance and support levels are its daily moving averages of 50 and 200, at $65.27 and $74.06, respectively.