Litecoin (LTC) could soon join the list of spot crypto exchange-traded funds (ETFs) trading in the US, with Bloomberg analysts giving it an over 90% chance of approval. In a recent X post, analyst James Seyffart noted high approval odds for Litecoin, Solana, XRP, and Dogecoin ETFs. However, Litecoin had the highest chance of being approved due to the US Securities and Exchange Commission (SEC) deeming LTC a commodity. Will a Litecoin ETF push LTC to ATH? In the analysis, Seyffart noted that the SEC has until October 2 to give its decision on the Litecoin ETF product following the filings by Canary and Grayscale. The securities regulator acknowledged the 19b-4 filings for this ETF in mid-January. As ZyCrypto reported, the SEC is already seeking public comments on the submissions made by issuers for the Litecoin ETF. If these filings are approved, Litecoin will become the third crypto ETF in the US. Litecoin is already reacting to this development, given that the price has increased by 8% within 24 hours. At press time, LTC traded at $127, with analysts speculating that the altcoin was poised for further gains. According to analyst Kaleo, Litecoin appears ready to be gearing up for a rally to all-time highs. In an X post, the analyst stated that the current LTC setup seemed similar to 2023, when the altcoin was undergoing halving. (Source: X) Litecoin remains 69% shy of its all-time high. However, the bullish outlook provided by the increased chances of an ETF approval could support a strong rally. Analyst Lark Davis also noted that the short-term momentum on the token had flipped bullish. He noted that the token had retaken the 20-day and the 50-day EMAs. Moreover, a bullish crossover had appeared, signaling rising buying momentum. Crypto ETF War Heats Up Besides Litecoin, various issuers have also submitted filings seeking approval for Solana, XRP, Dogecoin, HBAR, and Polkadot ETFs. According to Bloomberg analysts, Solana ETFs have a 70% chance of approval, while XRP’s odds stand at 65%. However, they remained skeptical about the approval of HBAR and DOT ETFs. Cardano is also joining the ETF race after the world’s largest digital asset manager, Grayscale, filed a 19b-4 form for a spot Cardano ETF. Grayscale was instrumental in the approval of a spot Bitcoin ETF following its lawsuit against the SEC.
