LTC Skyrockets 7% as Canary Files for Litecoin ETF After XRP
2024-10-16

Canary Capital, an asset manager, revealed on Tuesday that it has filed an S-1 registration with the United States Securities and Exchange Commission (SEC) to launch a Litecoin exchange-traded fund (ETF). If approved, the ETF will give both retail and institutional investors broad direct exposure to Litecoin (LTC), the 21st largest cryptocurrency by market capitalization.
Canary Capital has filed the first Form S-1 for a LTC ETF with the U.S. Securities and Exchange Commission (SEC). If approved, the ETF will provide both consumer and institutional investors with wide-spread direct exposure to #Litecoin ‘ $LTC ’ ⚡️https://t.co/ob3heK7dFS pic.twitter.com/IfjcdCPle6— Litecoin Foundation ⚡️ (@LTCFoundation) October 15, 2024
Filing the S-1 registration form is the first step in launching an LTC ETF, but Canary must still wait for the SEC to analyze the documentation.
The move comes less than a week after Canary Capital filed to launch an XRP-based ETF, following in the footsteps of asset manager Bitwise, which filed its own XRP ETF application on Oct. 1.
As one of the longest-running blockchains, Litecoin recently marked its 13th anniversary, with milestones such as 77 million transactions in 2024, 100% uptime and privacy advancements via MWEB, demonstrating a thriving community and optimism for its future in the cryptocurrency sector.
Litecoin jumps 7%
Litecoin jumped by around 7.5% in the last 24 hours, reaching to over $71.94 in yesterday's trading session, as traders flocked into the market following the hype surrounding Canary Capital's recent registration for a spot Litecoin exchange-traded fund (ETF). In today's trading session, Litecoin reached $74.06, its highest since July 2024.
At the time of writing, LTC was up 8.43% in the last 24 hours to $71.64. Litecoin has been increasing since Oct. 14. The price skyrocketed on Oct. 15 when Canary Capital announced a spot Litecoin ETF application in the crypto industry. LTC's price burst in a single massive daily candle and has continued to rise as Bitcoin and the crypto market rallied.
Bitcoin topped $68,000 for the first time in over two months, as volatility returned. Litecoin's next resistance and support levels are its daily moving averages of 50 and 200, at $65.27 and $74.06, respectively.