As a result, LTC price has a higher chance of rallying towards the next target range between $175 and $240, which coincides with the 1.618 and 2.618 days Fibonacci Retracement.
Litecoin ETF Approval in the U.S. on the Horizon
Following the administration change in the United States earlier this year, the new US SEC leadership has expedited the process of clearing filings for spot crypto ETFs. Earlier on Wednesday, the US SEC acknowledged the filing for CoinShares spot Litecoin ETF.
Earlier this month, NASDAQ Stock Market LLC filed with the US SEC to list and trade shares of CoinShares Litecoin ETF.
https://x.com/litecoin/status/1892235443489419662?s=46
LTC Fundamentals
As the third largest digital asset secured by the legendary proof-of-work (PoW) consensus method, after Bitcoin and Dogecoin, the Litecoin network has grown into a robust ecosystem backed by institutional investors. As of this writing, the Litecoin network had a total hash rate of about 2.38 PH/s and a mining difficulty of about 79.31 (M).
Amid the mainstream adoption of digital assets, the Litecoin network has attracted more than 7.9 million on-chain holders, with 78 percent of the holders having held more than 1 year. According to market data from IntoTheBlock, 49% of the LTC’s supply is held by large holders, thus indicating a fair distribution.
Following the rising demand for Litecoin by institutional investors, on-chain data shows transactions greater than $100k have increased from 1,266 transactions on February 15 to about 2,160 transactions at the time of this writing. The notable spike in whale transactions on the Litecoin network has helped bolster LTC’s bullish sentiment amid the wider crypto correction.
