Coin Edition -
- Shan Belew predicts Litecoin will benefit from the anticipated spot Bitcoin ETF (TSX:EBIT) approval.
- Belew said this will happen because Litecoin is the most closely related digital asset to Bitcoin.
- Litecoin has been up in the past 24 hours, but investors are at a loss on the weekly price chart.
Renowned pro-Litecoin advocate Shan Belew has hinted that Litecoin may be one of the beneficiaries of the anticipated market boom expected in the coming weeks.
The engineer-turned-crypto native shared this optimism in a recent post on X (formerly Twitter). Belew said the eagerly anticipated spot Bitcoin exchange-traded fund (ETF) will be heavily marketed once it sees regulatory approval.
At the moment, analysts predict approval could come in a few weeks, going by the attitude in the U.S. Securities and Exchange Commission. Alongside a boom in Bitcoin’s price, the approval is expected to usher in increased capital inflow into the cryptocurrency ecosystem.
With expectations high, Belew opined that Litecoin could benefit from the ETF boost. The engineer based this on what he termed the closeness between the two digital assets. Belew tweeted, “The digital asset that is most closely related to Bitcoin is Litecoin. Litecoin’s network is already pricing in Litecoin into the thousands.”
Launched in 2011, Litecoin was one of the earliest cryptocurrency networks. At its peak, the token sold for around $410.26 apiece and hit an all-time high market cap of approximately $25 billion in early 2021, according to CoinGecko.
Data from CoinMarketCap shows Litecoin is trading at $71 at the time of press. The current price follows a 1.90% increase in its value in the past 24 hours.
Despite the recent market resurgence, Litecoin has seen more muted gains. On the weekly chart, the token is down 1.09% but up 5% in the past 30 days. At present, the token has a market cap of $5.2 billion.
The post Litecoin Will Benefit from Bitcoin ETF Boom: Pro-Litecoin Advocate appeared first on Coin Edition.