Litecoin (LTC) Price Surges as Bitcoin Reaches $30k

Litecoin price experienced a 4% surge, surpassing $64 on Friday morning. This rise in LTC price can be attributed to the positive sentiment prevailing in the altcoin market, triggered by Bitcoin’s rally to $30k.

Litecoin (LTC) witnessed a more than 4% growth early on Friday, reflecting the positive response throughout the altcoin market to Bitcoin’s sudden surge to $30k. LTC reached intraday highs of $64 on major exchanges, with a daily trading volume exceeding $370 million. This buying pressure led to an increase in the total crypto market cap to over $1.17 trillion.

What is the reason behind Litecoin’s price surge today?

One of the potential catalysts for this surge could be the growing speculation regarding the possibility of a spot Bitcoin ETF entering the market sooner than anticipated. Recent developments involving potential ETF issuers and the US Securities and Exchange Commission (SEC) have fueled the belief that the first spot ETF is a matter of when, not if.

The Grayscale ETF court ruling is one of the highly anticipated crypto events for today, further contributing to Bitcoin’s positive outlook. As quant trader Charles Edwards emphasized, the flagship cryptocurrency’s bullish potential is bolstered by several key metrics observed in this market cycle.

A list of Bitcoin firsts this cycle:

– Hash Rate growth actually increased in bear market– Record 76.2% of supply held by long-term holders– Governments mining it– Lightning Network hits $150M+– You can buy a burger at McDonald’s with it

— Charles Edwards (@caprioleio) October 20, 2023

Apart from these factors, other catalysts influencing LTC price today include the SEC dropping charges against Ripple executives. The SEC had filed a lawsuit against Ripple CEO Brad Garlinghouse and Executive Chairman Chris Larsen in December 2020, which was dismissed on Thursday. Consequently, the trial scheduled for April next year will not take place.

LTC’s surge aligns with the uptrend observed across the altcoin market. Although Litecoin’s gains may seem modest compared to the remarkable returns of other top-performing altcoins like Solana and Bitcoin SV, analysts speculate that LTC could potentially retest the psychological $100 level if the upward momentum continues.

If BTC continues to break higher with increased positivity, Litecoin may strive for year-to-date highs before entering a bull market characterized by a parabolic rally.