Yigit Taha OZTURK 
The Litecoin network has experienced a 243% increase in daily transaction volume over the past five months. According to Santiment data, ETF issuers’ movement towards Litecoin ETFs triggered this surge in network activity.
ETF Excitement Soars Litecoin Price!
The market capitalization of Litecoin increased by 46% between February 2 and February 19. Santiment noted that part of this growth was due to the network’s daily transaction volume reaching $9.6 billion over the last week.
At the end of August, daily transaction volume was $2.8 billion, and it has since surged by 243%, reaching $9.6 billion in just five months. Additionally, Litecoin’s price has doubled since November, outpacing the overall cryptocurrency market, which grew by 42%.
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Santiment stated, “There’s rising excitement for the Litecoin ETF, 13 months after the approval of Bitcoin ETFs by the SEC.”
Important Steps Taken for Litecoin ETF!
On February 19, the U.S. Securities and Exchange Commission (SEC) accepted a rule change proposal for listing the spot Litecoin ETF by CoinShares on the Nasdaq.
Meanwhile, Canary Capital’s Litecoin ETF was listed on the Depository Trust and Clearing Corporation (DTCC) system with the LTCC code on February 20. DTCC is a critical infrastructure known for managing trillions of dollars in securities transactions in global financial markets.
The Litecoin Foundation stated, “This is a crucial preparation step for the potential launch of the fund.”
However, Bloomberg ETF analyst Eric Balchunas emphasized that this does not mean the product is approved or ready to trade, but rather the issuer is preparing. Balchunas also highlighted a 90% chance for ETF approval within 2024.
Litecoin Price Jumps 8.5%!
Following the listing news on DTCC, Litecoin’s price saw an 8.5% increase, rising from $127 to $138, before experiencing a slight correction.
In the last two weeks, Litecoin has risen 30%, surpassing Bitcoin, which has been trading in a narrow range during the same period.
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