Litecoin Surges 11.7% to $124.92, Overtakes Shiba Inu

Litecoin (LTC) has experienced a significant surge in the past 24 hours, with its price increasing by 11.7% to reach $124.92. This surge has propelled Litecoin's market capitalization to $9.397 billion, surpassing that of Shiba Inu (SHIB) and securing the 19th position in the cryptocurrency market cap rankings.

This remarkable performance can be attributed to the positive news surrounding the potential approval of a spot cryptocurrency ETF by 2025. According to a report by Bloomberg's Senior ETF Analyst Eric Balchunas, Litecoin (LTC) and Dogecoin (DOGE) have the highest odds of being approved, with 90% and 75% respectively. This prediction has likely boosted investor confidence in Litecoin, leading to the observed price increase.

As the cryptocurrency market continues to evolve, investors are keeping a close eye on developments that could impact the market capitalization and price of various digital assets. The potential approval of a spot cryptocurrency ETF is one such development that has captured the attention of investors and could continue to influence the performance of cryptocurrencies like Litecoin in the coming years.