Litecoin Price Falters Amid Doubts Over LTC ETF Approval
Litecoin Price Falters Amid Doubts Over LTC ETF Approval When the US Securities and Exchange Commission (SEC) approved the 11 initial applications for spot ETFs last January 2024, it signaled a favorable environment for Bitcoin. The top digital asset’s price surged thanks to increasing institutional attention. So, it isn’t surprising that other top crypto projects follow suit, with Litecoin (LTC), a proof-of-work coin, on the deciding table. However, Litecoin is having a rough start to the year. It’s currently trading at $94.89, down 22% in the last 30 days. Litecoin’s price performance this week aligns with other altcoins, which surrendered some of their gains last year. Also, crypto analysts attribute Litecoin’s slide to the diminishing odds that spot LTC ETFs will be approved in 2025. According to Polymarket’s tracking, the odds of approving the spot LTC ETFs this year dipped to 24% as of January 13th. Source: PolymarketOdds Of Spot ETFs For Litecoin Continue To Drop For months, the crypto industry and betting markets have been projecting the odds of finally having these spot Litecoin ETFs. On December 19th, the Polymarket odds put the chances at 75% before starting to dip as the year closed. The odds were close to 50% at the start of the year, but this soon began to taper, and it’s now at 24%. However, some crypto analysts are optimistic that these ETFs will be approved soon. Eric Balchunas, a Bloomberg analyst, shared his optimism in a post. He explained that the SEC would approve these funds since they are a fork of Bitcoin. LTC is currently trading at $94.8. Chart: TradingViewA Wave Of Crypto ETFs Soon? According to Bloomberg’s Balchunas, the market is ready to welcome the approval of new spot ETFs for different coins. In his Twitter/X post shared on December 18th, he said that the Bitcoin and Ether ETF combo may be approved, and there’s a probability that Litecoin’s ETFs may be next. He argued that since Litecoin is Bitcoin’s fork, it will be easier for proponents to gain approval. In addition to Litecoin, Balchunas also predicted that HBAR may be next since it’s not identified as a security, followed by XRP/Solana. However, XRP has the lowest odds of being approved since it has a pending lawsuit over its securities labelling. What’s Ahead For Spot Litecoin ETFs Canary Capital was the only company to file an application for Litecoin’s ETF. Analysts also expect Grayscale to follow suit if it decides to convert its Litecoin Trust, which boasts over $215 million in assets. Some experts say that the spot ETFs for Litecoin may have an uncertain future even if it gains SEC approval. Some say that it’s questionable whether institutional investors will pick these investments. Even Bitcoin and Ether’s spot ETF performances are relatively weak. For example, Bitcoin funds are backed by $107 billion in assets, representing just 5.7% of the total coin’s market cap. Ethereum, on the other hand, boasts $11.6 billion, just 2.96% of the total asset’s market cap. Since Litecoin is a smaller cryptocurrency project, many analysts don’t expect much from the spot LTC ETFs. Featured image from Pexels, chart from TradingView Christian Encila They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one. Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.