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<p>After a period of dormancy, Litecoin (LTC) is once again capturing the attention of the crypto community. As the third-largest cryptocurrency secured through the renowned proof-of-work (PoW) consensus method, Litecoin has recently exhibited a bullish trend. The mid-cap altcoin, boasting a fully diluted valuation of approximately $6.2 billion and an average daily trading volume of around $523 million, has experienced a significant surge, climbing over 14 percent in the past two weeks. By October 18, during the early Asian trading session, Litecoin was valued at approximately $73.86.</p><br />
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<p>This upward trajectory for Litecoin has mirrored similar movements in Bitcoin (BTC), which has recently flirted with the $68,000 mark. The broader cryptocurrency market is indicating a potential bullish breakout, influenced by the optimistic October sentiment and significant macroeconomic shifts.</p><br />
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<h2>Major Factors Contributing to the Litecoin Price Breakout</h2><br />
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<h3>Filing of the First Spot Litecoin ETF</h3><br />
<p>In a pivotal development, Canary Capital has filed for the first spot Litecoin ETF with the US Securities and Exchange Commission (SEC). This filing comes amidst speculation that a potential shift in US political leadership, possibly leading to the ousting of SEC Chair Gary Gensler, could favor the ETF's approval in the coming year. Historically, Litecoin has garnered substantial backing from notable institutional investors, including Fidelity Crypto and Grayscale Investments.</p><br />
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<h3>Rising Demand from Retail Investors</h3><br />
<p>Litecoin is witnessing a resurgence in interest, particularly from retail investors. The altcoin's price surpassed $73 for the first time since July, marking its first significant breakout compared to Bitcoin and other altcoins since spring. According to market analytics firm Santiment, this bullish trend is largely driven by increased demand from both retail and institutional investors. On October 17, Litecoin's on-chain transactions soared to $3.97 billion, a peak not seen since June 3, 2023.</p><br />
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<h3>Continued Network Development</h3><br />
<p>The Litecoin network has consistently evolved, establishing itself as a leading crypto project with support from over 9.2 million holders. Currently, the network boasts a total hash rate of 1.31 PH/s and a mining difficulty of 42.19 M. Litecoin's high throughput, minimal transaction fees, and robust security have made it an attractive payment option for numerous web3 and web2 business ventures. A notable example is PayPal-backed Venmo's partnership with MoonPay, enabling 60 million US users to purchase Litecoin seamlessly.</p><br />
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<p>As the cryptocurrency landscape continues to evolve, Litecoin's recent momentum suggests a promising future, driven by strategic developments and growing investor interest. With the potential for further institutional endorsements and technological advancements, Litecoin is well-positioned for continued growth.</p><br />
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