Litecoin (LTC), a leading altcoin, has experienced a remarkable increase of over 11% in just 24 hours, surpassing the $123 mark. This notable rise can be attributed to investors increasingly focusing on major altcoins and the anticipation surrounding a potential spot ETF approval. Among the top 100 cryptocurrencies, Litecoin has recorded the highest weekly gain, reinforcing its position in the market.
Spot ETF Expectations and Regulatory Benefits Bolster Price
The expectation for a spot ETF approval for Litecoin is gaining momentum. The U.S. Securities and Exchange Commission (SEC) has postponed its decision on Grayscale’s application to October. Bloomberg analysts estimate a 90% chance of the ETF getting approved. This possibility is bolstered by the legal advantages of classifying Litecoin as a commodity.
Regulatory clarity is drawing increased attention from institutional investors to the altcoin. With the Commodity Futures Trading Commission (CFTC) recognizing Litecoin as a commodity, it stands alongside Bitcoin 
$77,690 and Ethereum 
$2,329, reducing perceived risks for institutional investors. If approved, the influx of new capital into the market could accelerate.
Fundamental and Technical Indicators Favor an Upswing
Litecoin’s commercial acceptance is also on the rise. In a report from CoinGate, the altcoin accounted for 14.5% of total transaction volume in July, surpassing leading stablecoins like USDT and USDC, and ranking second only to Bitcoin. Moreover, MEI Pharma, a company focused on innovative cancer therapy drugs, diversified its corporate cash reserves by adding $100 million worth of LTC last month.
On the technical front, indicators support the altcoin’s price action. The technical chart shows LTC surpassing the 7-day simple moving average, with a crucial pivot level identified at $117.61.
The Relative Strength Index (RSI) is at 69.5, indicating that the potential for further gains remains intact. The MACD divergence is closely monitored to ensure the sustainability of momentum. Resistance within the $124–$131 range is viewed as a structural breakout indicator.
According to CryptoAppsy data, LTC is currently trading at $122.94, with an 11.82% increase over the past 24 hours as of this report.
