%Litecoin (CRYPTO: $LTC) has risen 10% in the past 24 hours amid hopes that spot exchange-traded funds (ETFs) tied to the %Cryptocurrency will soon be approved by U.S. regulators.
In July, Litecoin accounted for 14.5% of all cryptocurrency payments, outpacing %Stablecoins and second only to %Bitcoin (CRYPTO: $BTC), according to industry metrics.
As such, speculation over approval of spot ETFs tied to Litecoin is growing. Investors are hoping for a new crop of crypto ETFs beyond the ones tied to Bitcoin and %Ethereum (CRYPTO: $ETH).
That said, the U.S. Securities and Exchange Commission (SEC) recently delayed a decision on Grayscale’s application for a spot Litecoin ETF until this October.
However, Bloomberg Markets has pegged the odds that a Litecoin ETF will eventually be approved at 90%.
Data shows that LTC faces a key resistance level between $124 U.S. and $131 U.S. and a close above those prices could signal a structural breakout for the crypto.
Litecoin is currently trading at $127.68 U.S., having gained 24% this year.
