Litecoin Metrics Hit Monthly Highs as Price Surges Above $70

Litecoin has seen a brief surge, with its price climbing above $73 for the first time since July. Over the course of the week, this cryptocurrency recorded a 12% increase in value.

This represents its first significant breakout from both Bitcoin and other altcoins since the spring.

Is Litecoin Set for a Comeback?

According to the latest analysis from Santiment, two primary factors are driving this optimistic trend in Litecoin.

Litecoin is witnessing a favorable mini run, surpassing $73 for the first time since July. This marks its first mid-range breakout from Bitcoin and altcoins since the spring. The two key factors are:

⚡️ LTC’s ongoing increase in on-chain transaction volume, which is nearly at $4B… pic.twitter.com/oSKt7mRC2L

— Santiment (@santimentfeed) October 17, 2024

First, Litecoin’s transaction volume approached $4 billion this week, marking its highest since June 3, 2023. Additionally, social dominance is increasing as 1.08% of all blockchain-related discussions now center on Litecoin, the highest level since April 1, 2024.

This rise in both price and conversation highlights a growing interest in Litecoin, fueled by enhanced network activity and renewed attention from retail investors.

Alongside its price increase, Litecoin also commemorated its 13th anniversary on October 7th, having achieved a record-breaking 77 million transactions this year.

Once a leader among the top 10 cryptocurrencies, Litecoin now stands as the 26th largest digital asset with a market capitalization of $5.41 billion, according to data from CoinGecko. Despite this decline in ranking, Litecoin seems to be on the path to a comeback.

Will Litecoin’s Revival Attract Institutional Investors?

This momentum is driven by expected institutional demand, leading Canary Capital Group to file for a Litecoin ETF. Canary Capital Group is a newly formed investment firm concentrating on digital assets and was established by Steven McClurg, one of the original co-founders of Valkyrie Funds.

The firm has recently submitted the first Form S-1 to the US Securities and Exchange Commission (SEC) for this ETF. If approved, it will enable both institutional and retail investors to gain direct exposure to Litecoin.

Discussing LTC’s potential for institutional adoption, Canary Capital informed Fox Business that,

“As one of the longest-running blockchains with 100% uptime since its launch, Litecoin has shown a solid track record of security and reliability with major enterprise-grade use cases. With its strong foundation, Litecoin is poised to play a significant role in the wider cryptocurrency ecosystem, which Canary believes could attract a broader range of institutional investors.”