Litecoin surges 10% in 24 hours... "Expectations for ETF and payment network expansion"

Litecoin (LTC) has soared more than 10% in value, showing a rebound in price trends.

According to Coindoo, a digital asset (cryptocurrency) media outlet, LTC rose to $123.66 on the 5th, gaining more than 12% over the last week. This is a standout increase even among top market cap altcoins. Analysts say that Litecoin's rise is driven by a combination of ETF approval anticipation, payment network growth, and positive technical indicators.

Particularly, expectations surrounding the ETF are having a positive effect on investor sentiment. The U.S. Securities and Exchange Commission (SEC) recently postponed its decision on Grayscale's Litecoin ETF approval to October, but Bloomberg analysts assess the approval probability at around 90%. Pharmaceutical company MEI Pharma's inclusion of Litecoin as a $100 million asset is also seen as a factor restoring market confidence.

Payment network usage is also increasing rapidly. According to reports, the cumulative number of Litecoin transactions has surpassed 300 million this year, and improvements in accessibility such as integration with Telegram Wallet have also contributed to increased utility.

Meanwhile, the outlet predicted, "The $124 to $131 range may act as short-term resistance, but if it remains above $113.24 during a correction, there is a possibility of a medium- to long-term upward trend."