James Richardson
The U.S. Securities and Exchange Commission (SEC) is expected to make a final decision on Canary Funds’ proposed Litecoin ETF on May 5, a move that could have significant implications for the price of LTC. With daily trading volume surging by over 31% to $338 million, Litecoin’s momentum is building, fueling investor optimism.
According to Bloomberg ETF strategist James Seyffart, the SEC has delayed decisions on several crypto-related ETFs, but has not yet postponed the ruling on Canary’s Litecoin ETF. This opens up the possibility of an on-time decision, distinguishing it from the fate of many other altcoin ETF proposals.
Among various altcoins under ETF consideration—including XRP, Solana, and Cardano—Litecoin stands out with a 90% chance of approval, analysts report. In comparison, XRP follows closely with 85%, Dogecoin with 80%, and Cardano with 75%. Polkadot, HBAR, and Avalanche also remain in the running, each showing approval odds between 75% and 80%.
However, Seyffart cautions that while the numbers are encouraging, a delay remains the most likely outcome, given the SEC’s overall cautious stance on crypto ETFs. Still, rising demand for Bitcoin ETFs—as seen through strong weekly inflows—highlights the growing investor appetite for regulated crypto investment vehicles.
LTC Price Eyes $500 as Analysts Forecast a Breakout
Crypto analyst Crypto Patel has set bold targets for LTC’s price movement, noting that Litecoin has finally broken free from a long-standing consolidation range between $65 and $85. As of writing, LTC is trading around $87, suggesting the beginning of a bullish breakout.
According to Patel, short-term price targets include $255 and $500, with long-term expectations reaching between $1,000 and $1,458. He emphasized that Litecoin’s breakout from its accumulation zone signals a renewed bullish trend, likely fueled further by the upcoming ETF decision.
“LTC may have tested investors’ patience, but it’s now primed for a sharp rally,” said Patel, suggesting that the approval of the ETF could act as a major catalyst.
