Litecoin (LTC) Bulls Rejoice: $217 Target After 68% Surge

• Litecoin ETF Filing: Canary Capital’s proposal could become the first SEC-recognized altcoin ETF, driving institutional interest.
• Price Surge: LTC jumped 14% in a day, trading volume spiked 62%, and whale accumulation increased.
• February Forecast: Analysts predict a 68% rise to $217.69, though regulatory hurdles and market trends remain key factors.

For years, Litecoin (LTC) stayed in the shadows. Once hailed as digital silver alongside Bitcoin’s digital gold, the asset gradually lost its rank. But now, LTC is back in the spotlight. A new ETF filing has triggered excitement, sending prices soaring.

Canary Capital’s proposal for a Litecoin exchange-traded fund (ETF) has caught the attention of the U.S. Securities and Exchange Commission (SEC). If approved, it would mark a historic moment, the first ETF acknowledgment for an altcoin.

Source: X

Bloomberg’s senior ETF analyst Eric Balchunas noted that the proposal outperformed rival filings, successfully navigating regulatory barriers. The move has fueled optimism that LTC could soon see institutional inflows, much like Bitcoin and Ethereum did following their own ETF approvals.

Following the ETF news, Litecoin saw a dramatic price increase. It surged from a daily low of $110.28 to a high of $130.41, marking a 14% spike in just 24 hours. At press time, LTC was trading at $129.23.

This rally has propelled Litecoin back into the top-performing altcoins. Trading volume skyrocketed by 62% over the past day, reaching $1.9 billion. Market capitalization now stands at $9.6 billion, making it the 15th-largest cryptocurrency by valuation.

How High Can Litecoin Go in February?

Analysts at CoinCodex predict that Litecoin’s bullish trend will persist into February. The firm estimates a 68% rally, pushing LTC to a high of $217.69. The asset’s average price for the month is expected to hover around $170.

Even with these gains, Litecoin remains 68% below its all-time high of $412, recorded in May 2021. But the ETF approval could be a catalyst. If the SEC greenlights the proposal, institutional investors may push the asset closer to its peak.

On-chain data shows an increase in whale accumulation. Addresses holding over 10,000 LTC have grown by 4.8% this month. This suggests that high-net-worth investors are positioning themselves ahead of a potential ETF approval.

The derivatives market also reflects optimism. Open interest in LTC futures has climbed 30% since the ETF filing. Funding rates remain positive, signaling that traders expect further upside.

While the ETF speculation fuels excitement, regulatory hurdles remain. The SEC has historically been cautious about approving cryptocurrency-related ETFs, particularly for altcoins.

Additionally, broader market conditions could impact LTC’s trajectory. If Bitcoin corrects or macroeconomic factors shift, Litecoin’s rally might stall. Traders should keep an eye on volume trends and whale movements for signs of sustained buying pressure.

Litecoin’s resurgence is hard to ignore. A 14% daily gain, rising whale accumulation, and ETF hopes have breathed new life into the asset. While analysts predict a continued uptrend, success hinges on regulatory approval and broader market conditions.