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Litecoin (LTC) has witnessed a significant surge of 14.6% in the past 24 hours, with its value reaching $119.17 per coin. This unprecedented growth has sparked questions about whether the cryptocurrency can reclaim its former glory and reposition itself as “Bitcoin’s Silver”.
In the past, Litecoin had held a prominent position among cryptocurrencies, ranking among the top 10 digital assets from 2013 to 2017. However, it has since dropped to the 20th spot out of over 10,000 available options.
Despite this decline, LTC has shown remarkable resilience in recent times. Over the past week, its value rose by a staggering 18%, and an impressive 71.6% over the past year. This upward trend has piqued investor interest, with many speculating about Litecoin’s potential for future growth.
One factor contributing to this surge is the news of Canary Capital filing a revised S-1 registration form with the U.S. Securities and Exchange Commission (SEC) in support of a proposed Litecoin exchange-traded fund (ETF). This development has reignited interest in LTC, which had been stagnant following its last halving event.
Litecoin’s appeal lies in its faster transaction speeds and lower fees compared to Bitcoin, earning it the nickname “Bitcoin’s Silver”. The cryptocurrency’s long-term outlook remains uncertain, but its adaptability to regulatory shifts and persistent relevance suggest that it may continue to find opportunities for growth. As such, investors should keep a close eye on Litecoin’s progress as it navigates the ever-evolving cryptocurrency landscape.
Source: www.crypto-news.net
