This action follows growing buzz about a planned Litecoin exchange-traded fund (ETF) proposal by Canary Capital Group. Approval could help legitimize Litecoin and facilitate further institutional investment. Litecoin has been lagging recently, being some 80% below its all-time peak of $413.65 reached in May 2021, but several analysts believe the ETF could initiate a new bull cycle and lead to a large price jump.
Investors are excited about this prospect as it may provide an easier way to invest in Litecoin, allowing both individual and institutional participants to access the market.
The S-1 registration statement for the proposed ETF was filed on October 15, requesting permission from US regulators.
The Litecoin cryptocurrency has been attracting a growing amount of interest following a price boost of more than 12% in the past week to roughly $71.50 on October 16.
