- Litecoin traded at around $86 during the Asian session as the broader crypto market stabilized.
- Bloomberg analyst James Seyffart stated that Litecoin’s ETF proposal has a stronger chance of approval than other altcoins.
- The SEC is expected to decide soon on Canary Capital’s Litecoin ETF filing, which has not faced any delays.
The Litecoin (LTC) market experienced gentle growth throughout Monday’s Asian trading session, trading between $86 and $87. Bloomberg analyst James Seyffart raised production when he indicated Litecoin’s ETF proposition would likely succeed. Canary Capital is seeking regulatory approval for its Litecoin ETF filing from the SEC, and both parties continue to monitor the result.
Canary Capital‘s Litecoin ETF application has not received any postponement from the SEC despite delayed decisions on other altcoins. The proposal established during the S-1 filing in October 2024 has reached a crucial stage after submitting the 19b-4 request in January. Market anticipation is rising because the review period is approaching its terminal phase, which can lead to significant developments for the cryptocurrency.
Stockholders view Litecoin favorably, since ETF proposals for Dogecoin and XRP have experienced recent delays. According to Bloomberg’s recent regulatory prediction, Litecoin stands at a strong 90%, which confirms that an early approval could happen. The expectation surrounding this event maintains bullish market sentiment because altcoins are recovering from stagnant price action.
Litecoin ETF Advances as SEC Deadline Nears
The SEC received Canary Capital’s Litecoin ETF S-1 registration statement on October 15, 2024, to initiate their proposal. The 19b-4 filing that Nasdaq submitted on January 16, 2025, marked the transition into the following regulatory stage. Due to the established timeline, the SEC must decide on the matter by October this year.
Canary Capital’s proposal, without any waiting period, differentiates it from Dogecoin and XRP submissions regarding new cryptocurrencies to the market. Bloomberg analyst James Seyffart reported that Litecoin possesses better legal compliance than its Bitcoin-based competitors. The accelerated progress of the LTC proposal gives it a better likelihood of moving forward compared to other altcoins.
Other filing applicants for Litecoin ETFs, including Grayscale and CoinShares, continue to have their applications under evaluation by the SEC. The SEC has an impending October deadline, yet Canary’s application is advancing without interruptions. The separate nature of this submission provides the proposal with better prospects and implies that it might obtain approval before competing cryptocurrencies.
Analyst Sees Litecoin Rally to $1458
The $65 to $85 resistance level of Litecoin no longer exists as it progresses toward forming new bullish patterns. Crypto Patel, the crypto analyst, projected that this recent breakout might drive Litecoin towards two short-term price targets at $255 and $500. The asset has experienced multiple months of accumulation, resulting in stronger momentum for reaching $87.
Source: X
The analyst explained that continued positive momentum throughout this year would enable Litecoin to reach $1,000 or $1,458 long-term price levels. The technical strength and upcoming ETF approval make Patel believe Litecoin is prepared to exploit its current market potential. The current market trend, together with this breakout, has the potential to boost momentum in price growth.