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Crypto Rally: Litecoin and Tezos Bring Retail Investors Back!
The crypto market is showing optimism with rising prices for Litecoin and Tezos. Investors react to ETF news and market sentiment.
Crypto Rally: Litecoin and Tezos Bring Retail Investors Back!
The crypto markets are currently showing worrying signs of recovery, with Litecoin and Tezos in focus. Bitcoin is trading steady at around $118,000 while Ethereum is seeing a rise to over $3,600, up over 3% in the last 24 hours. This development is loud BTC ECHO primarily due to ETF inflows and investments from treasury companies.
Particularly noteworthy is the upswing of Tezos, whose price has risen by over 40% and which leads the list of price winners. Litecoin also rose, with a 14% increase, boosted by Mei Pharma's announcement of a $100 million purchase of Litecoin. Analyst Felix Jauvin expressed optimism about the positive market moves, suggesting that the rallies in Tezos, Litecoin and other older cryptocurrencies indicate a comeback by former crypto investors.
Litecoin on the rise
Loud Crypto.news Litecoin peaked at a price of $71.52 on October 16, 2023, which is its highest level since late July. The price not only increased by 7.2% in a day, but also by 15% from the monthly low, indicating continued positive sentiment in the market.
Litecoin's market capitalization has increased to over $5.36 billion in the period from $4.6 billion on October 3rd. A major factor in this price increase was the announcement by Canary Capital, which has filed an application with the SEC for a spot Litecoin ETF. An approved ETF would make it much easier for both individual and institutional investors to access Litecoin.
Market sentiment and future outlook
LTC futures open interest has also reached a multi-month high of $170 million, indicating strong demand. The crypto fear and greed index has also improved after rising from 38 (fear) to 77 (greed). This positive sentiment is also reflected in CoinMarketCap data and the statements of traders on X.
Analyst ZAYK Charts has reported that Litecoin recently broke out of a descending channel, which typically signals a bullish reversal. If this trend continues, it is expected that the token could rise to $100 in the near term, representing a gain of 28.5%. These developments and the long-term perspective focused on by a pseudonymous trader underpin confidence in Litecoin's future elites.
Nevertheless, the general market attitude remains cautious. A small number of Google searches for “Bitcoin” suggests that widespread hype surrounding cryptocurrencies has not yet materialized. Crypto metrics on social media platforms also continue to experiment with bear market levels. In the current market situation, it remains to be seen whether the signs of recovery will continue.