Litecoin price has done well since August last year, helped by the rising odds of a spot LTC ETF jumped. It has risen by about 127% from its lowest point in August last year, making it one of the top cryptocurrencies. So, will a spot Litecoin ETF help to boost its prices this year?
Will a LTC ETF Approval Boost Litecoin Price?
Litecoin price has risen in the past few months as the odds that the Securities and Exchange Commission (SEC) will approve a spot LTC ETF jumped. A Polymarket poll with $19,000 in funds places the odds of this approval to 84%, up from 42% in January.
Litecoin ETF Odds
It makes sense why the SEC would approve a spot Litecoin fund since it is similar to Bitcoin, which the agency does not deem to be a security. Litecoin emerged as a Bitcoin hard fork and is a proof-of-work coin.
An ETF approval should, in theory, lead to a higher Litecoin price. However, it is unclear whether the upside will be strong for the long term.
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