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Highlights
- Amid crypto ETF buzz, LTC price shoots 15% amid 90% approval chance of Litecoin ETF.
- Altcoins market graph shows bullish crossover of the 100-week and 200-week moving averages crossing each other.
- Cardano (ADA) saw an 11% rise to $0.76, supported by a 13% increase in open interest.
The altcoins market is bustling with activity today as top market analysts highlight the greater odds of approval for a spot Litecoin ETF and spot Cardano ETF. While Ethereum (ETH) and XRP are up by 2-3% each, Cardano (ADA) and Litecoin (LTC) have gained anywhere between 10-15% each amid higher odds of these crypto ETF approvals. Analysts are hopeful of an altcoin season moving ahead, however, it will be interesting to see if this could be the turning point.
Greater Odds of Crypto ETFs for Litecoin, Cardano Approval Push Altcoins Higher
The altcoins market is once again seeing a ray of hope with Litecoin (LTC) and Cardano (ADA) leading the rally as the odds of a Litecoin ETF approval surge to a massive 90%. On the other hand, crypto asset manager Grayscale has filed for a spot Cardano ETF amid the growing interest in different digital assets.
Amid the chatter around altcoin crypto ETFs picking up, Bloomberg ETF strategists Eric Balchunas and James Seyyfart have disclosed the approval odds for each. While everyone is betting on a spot XRP ETF following the settlement of Ripple vs SEC lawsuit, the XRP ETF has a 65% chance of approval, said the analysts. However, they believe that Litecoin ETF approval odds are at 90%, and even the Dogecoin ETF approval chances are at 75%, higher than XRP.
Litecoin Price Leads with Nearly 15% Gains
The approval odds of the crypto ETFs appears to be the primary reason why LTC and ADA are outperforming other altcoins today. As of press time, Litecoin price is trading 14.85% up at $130.04 with daily trading volumes surging by 86.3% to more than $1.7 billion. As per the Coinglass data, the LTC open interest has surged by a massive 26% to more than $700 million, with the 24-hour liquidations shooting to $4.21 million of which $3.46 million is in short liquidations.
Over the past few months, the LTC price has been oscillating in the range of $100 on the lower end and $140 on the upper price band. A breakout above $140 could set the stage for a mega rally moving ahead. Besides, a recent Litecoin price prediction shares further details on the crypto’s potential performance ahead.
Cardano (ADA) price has also surged by a strong 11% moving to $0.76 with its daily trading volumes surging 13.67% to $867 million. Similarly, the ADA futures open interest has shot up by 13% to $700 million as the crypto ETF speculations soared.
Altseason to Begin Soon?
Amid the crypto ETF buzz, popular crypto analyst Crypto Rover reported that we will soon witness a bullish cross-over of the 100-week moving average above the 200-week moving average. This is when the mega altcoin rally would begin. The last time such a cross-over took place in 2021, it triggered a 500% surge in the overall altcoin market. Several other analysts have also been hopeful for the start of an altcoin season despite the recent greater market turbulence.
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