Double-Digits Caused by ETF Speculation, Litecoin Price Increases Double-Digits.

The price of Litecoin soared by double-digits in the past 24 hours to reach a four-week great of$ 118, as enthusiasm beverages around the potential acceptance of a Litecoin-based exchange-traded account.

At time of publication, Litecoin is trading at around$ 117, up 15.1 % on the day, per data from CoinGecko.

Litecoin’s surge followed Canary Capital’s amendment to its S-1 registration form with the U. S. Securities and Exchange Commission ( SEC ) on January 15, a move analysts interpret as a major step toward regulatory engagement.

For modifications frequently indicate that regulators have given feedback, and they can reveal information about the status of the review.

If the SEC approves Canary’s ETF plan, Litecoin would add Bitcoin and Ethereum as the only bitcoin with U.S. approval for area ETFs.

According to ETF analysts Eric Balchunas and James Seyffart, the registration caused commentary from the pair, who claimed it “bodes well” for the Litecoin S-1’s potential as the next bitcoin to be chosen for a place ETF.

On Wednesday, Balchunas cautioned that the SEC’s future management change, with Paul Atkins set to change Gary Gensler as the agency’s chairman, introduces a “huge changing” in the regulation outlook.

Seyffart noted while the registration indicates “engagement” from the SEC, it will require a 19b-4 submission—a regulatory filing that officially starts the calendar for authorization or denial—to improve the method.

The amendments made by Canary Capital focused on the proposed contracts with Coinbase and BitGo, which address judicial arrangements in accordance with SEC regulations.

The registration includes changes related to finance, marketing, legal, and tax rules, ensuring its alignment with the SEC’s with regulatory requirements.

Analysts think the SEC’s evaluation process may be made more quickly with these revisions.

Blockchain analytics agency Santiment noted increased engagement among huge Litecoin buyers, with “whales” and” fish” accumulating about 250, 000 LTC worthwhile$ 29 million since January 9.

Despite the rally, Litecoin remains 72 % below its all-time high of$ 410 reached in May 2021, leaving room for growth if regulatory approval is secured.

Firms like Boolean and VanEck have already submitted 19b-4 forms for Solana ETFs, giving them a legal edge, making competition among altcoins to secure the next U.S. place crypto ETF high.

Experts at JPMorgan project major inflows to permitted crypto ETFs, with estimates that the combined revenues from Solana and XRP ETFs was total$ 14 billion.

As Paul Atkins assumes the chair, the industry is carefully monitoring the SEC leadership transition.

The community anticipates that Atkins ‘ position, which he is renowned for, will foster a more positive environment for crypto ETF certifications.