The recent surge in Litecoin’s network activity has significantly increased its market capitalization by 46% from February 2 to February 19. Daily transaction volumes have skyrocketed to $9.6 billion, driven by growing anticipation of potential U.S.-listed Litecoin exchange-traded funds (ETFs). According to a February 21 report from the on-chain analytics platform Santiment, this notable rise in network utility represents a substantial growth from late August, when daily transactions were around $2.8 billion—a 243% increase in just five months.
“LTC’s Price Doubles Since Early November”
Notably, LTC’s price has doubled since early November, significantly outperforming the broader cryptocurrency market, which has experienced an approximately 42% increase during the same timeframe. Investor enthusiasm has surged in light of recent developments regarding proposed Litecoin ETFs. On February 19, the U.S. Securities and Exchange Commission (SEC) acknowledged a rule-change filing for the CoinShares Spot Litecoin ETF, intended for listing on the Nasdaq.
The following day, the Depository Trust and Clearing Corporation (DTCC) listed Canary Capital’s proposed Litecoin ETF under the ticker “LTCC,” indicating preparations for a potential market debut. The DTCC’s involvement is crucial, given its pivotal role in processing trillions of dollars in daily securities transactions. The Litecoin Foundation noted that the DTCC listing represents a “key preparatory step” toward launching the fund, though it does not guarantee approval.
Bloomberg ETF analyst Eric Balchunas commented that while the DTCC listing is a positive sign, it does not assure immediate approval or trading. However, he mentioned that analysts still estimate a 90% likelihood of approval within this year.
