Litecoin Surges 10% in 24 Hours, Top 10 Spot in Sight

Litecoin (LTC) has emerged as the standout performer among the top 20 cryptocurrencies, surging by over 10% in the past 24 hours. At the time of writing, LTC's price stood at $135.57, marking a significant rebound from recent lows. This bullish trend has contributed to a broader market recovery, with the combined market capitalization of digital currencies rising by 0.68% to $3.16 trillion.

LTC's impressive performance is notable, given its recent history of underperformance during market rallies. However, the coin's key performance metrics have improved significantly, propelling it to the 12th position in the market rankings. Its daily growth trends have outpaced those of other top 20 cryptocurrencies, with a 10.56% price increase overnight. Additionally, LTC has extended its growth over the past seven days to 15.44%, outperforming both Bitcoin (BTC) and Ethereum (ETH), which have gained 0.43% and 1.94% respectively.

In contrast to other altcoins like Solana (SOL), which has experienced a 30-day drawdown of over 36%, Litecoin has maintained a steady growth trajectory, with a 10% increase month-to-date (MTD). This strong performance has fueled speculation that LTC bulls may attempt to reclaim a position in the top 10 cryptocurrencies.

Litecoin's recent price rally can be attributed to a combination of factors. After a period of relative cool-off, the coin has begun to regain momentum, with a 50.75% rally over the past 90 days. This growth, while modest compared to coins like XRP (129% rally in the same period), has been sufficient to spark investor interest. Additionally, the potential approval of a Litecoin exchange-traded fund (ETF) product, such as those offered by Canary Capital, has contributed to a positive outlook among investors. With a 90% chance of approval, the ETF could provide a significant boost to LTC's long-term prospects, potentially driving the coin to retest the $150 resistance level.