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    Why is Litecoin price up today?

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    30s Summary

    Litecoin (LTC) has seen a 7.5% rise in price due in part to Canary Capital’s recent filing for a Litecoin exchange-traded fund (ETF). It reached $72, its highest price since July 2024. The ETF could lead to greater involvement with LTC for investors. Despite some expected future dips, forecasts suggest that LTC could potentially reach over $2,000. The Litecoin futures market has also seen increased open interest. Investing in cryptos does involve risk, so investors are advised to conduct their own research.

    Full Article

    Litecoin (LTC) has seen a significant increase in its price, going up by about 7.5% in the last 24 hours. It was valued at nearly $70.50 on Oct. 16, mainly due to Canary Capital’s recent filing for a Litecoin exchange-traded fund (ETF).

    LTC even managed to touch $72, its highest price since July 2024.

    Canary Capital is looking to create an ETF with Litecoin. If it gets the green light, this ETF could give investors a chance to get more involved with LTC, and by extension, the broader crypto game.

    Analysts seem super positive about Litecoin in light of this news. Despite it currently performing a bit below par, they believe the ETF could be the magic push the crypto needs.

    The current market conditions presents a good chance to buy Litecoin at a good price, with some analysts predicting it could go up to around $200-$300. More optimistic predictions even suggest that it could potentially reach over $2,000 in the long run.

    More good news for Litecoin as open interest in Litecoin futures market has also gone up, reaching its highest point in three months following Canary Capital’s ETF filing. This shows that traders are betting on the price of Litecoin to go up in the future.

    That said, it isn’t all smooth sailing for Litecoin. While the coin’s price has been going up, it’s still stuck in a tricky spot and future dips are likely. If buying interest decreases, further price increases might be tough. But if it can push past these obstacles, Litecoin might be looking at a price of around $80 in October.

    Just remember, investing in crypto, like any other form of investment, comes with risks. So, make sure you do your own research before diving in!

    Source: Cointelegraph

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