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- Shan Belew predicts Litecoin will profit from the anticipated spot Bitcoin ETF approval.
- Belew stated this can occur as a result of Litecoin is probably the most intently associated digital asset to Bitcoin.
- Litecoin has been up previously 24 hours, however traders are at a loss on the weekly value chart.
Famend pro-Litecoin advocate Shan Belew has hinted that Litecoin could also be one of many beneficiaries of the anticipated market increase anticipated within the coming weeks.
The engineer-turned-crypto native shared this optimism in a current submit on X (previously Twitter). Belew stated the eagerly anticipated spot Bitcoin exchange-traded fund (ETF) will likely be closely marketed as soon as it sees regulatory approval.
In the intervening time, analysts predict approval may are available in a couple of weeks, going by the angle within the U.S. Securities and Change Fee. Alongside a increase in Bitcoin’s value, the approval is predicted to usher in elevated capital influx into the cryptocurrency ecosystem.
With expectations excessive, Belew opined that Litecoin may benefit from the ETF enhance. The engineer based mostly this on what he termed the closeness between the 2 digital belongings. Belew tweeted, “The digital asset that’s most intently associated to Bitcoin is Litecoin. Litecoin’s community is already pricing in Litecoin into the hundreds.”
Launched in 2011, Litecoin was one of many earliest cryptocurrency networks. At its peak, the token bought for round $410.26 apiece and hit an all-time excessive market cap of roughly $25 billion in early 2021, based on CoinGecko.
Knowledge from CoinMarketCap reveals Litecoin is buying and selling at $71 on the time of press. The present value follows a 1.90% improve in its worth previously 24 hours.
Regardless of the current market resurgence, Litecoin has seen extra muted positive aspects. On the weekly chart, the token is down 1.09% however up 5% previously 30 days. At current, the token has a market cap of $5.2 billion.
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