Litecoin rises 5% compared to the previous day... "Buying pressure spurred by ETF expectations"
Summary
- Litecoin reportedly rose by over 5%.
- Litecoin's 90-day spot Cumulative Volume Delta (CVD) indicator has turned positive, indicating strong buying activity.
- With the probability of Litecoin spot ETF approval reaching 95%, further institutional and investor inflows are expected.
Litecoin (LTC) is trading below $90, and analysis suggests that the likelihood of a rebound has increased.
On the 3rd (local time), Cointelegraph reported, "Despite the recent price decline, the probability of a Litecoin rebound is rising," and added, "Litecoin’s 90-day spot Cumulative Volume Delta (CVD) indicator has turned positive." The CVD is an indicator that measures the balance of market buying and selling pressure; when it turns positive, it signals strong buying activity.
In addition, expectations are rising regarding the potential approval of a Litecoin spot Exchange-Traded Fund (ETF). According to Bloomberg, the probability of a Litecoin spot ETF being approved by October 2 (local time) reaches 95%.
The outlet said, "ETF approval would be a historic milestone for Litecoin" and projected, "It could lead to greater inflows from institutions and investors."
Meanwhile, as of 14:33, Litecoin is trading at $89.10 on CoinMarketCap, up 5.87% from 24 hours ago.
Heecheol Yang
heecheol@bloomingbit.ioHello, I'm a reporter at bloomingbit
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