- Fidelity Digital added Litecoin as part of its cryptocurrency portfolio.
- The price of LTC could be affected by the update in the near term
Litecoin Its recent performance shows that the coin has been overshadowed. Fidelity Digital is likely to change the fortunes of this coin in the near future.
The Litecoin price rose on Friday confirmed Fidelity Digital now offers LTC as part of its digital product portfolio. Fidelity customers in the U.S. can now gain access to Litecoin. Institutional investors are included. Currently, this company is managing assets valued at over $12 trillion.
Fidelity Digital confirms its optimism regarding the future of Litecoin with their addition to Fidelity Digital’s portfolio.
Are you paving the way for a Litecoin ETF to come?
Fidelity Digital adding LTC to its portfolio has sparked speculation about the potential for a Litecoin ETF. Bitcoin ETFs received billions of dollars in investments, while ETH-based ETFs recently were also approved.
Litecoin is similar to BTC in terms of its scarcity, and the proof-of work consensus algorithm. Fidelity Digital didn’t hint that a Litecoin exchange-traded fund (ETF) would be available any time soon.
The spotlight that the media has placed on cryptocurrencies could prove to be an important step if institutional demand increases.
Can Litecoin reclaim its $100 price?
LTC briefly surpassed $100 in March of 2024. This currency peaked in April at $112.83, but then dropped 49% to $56.62.
At the time this article was written, Bitcoin traded at $73.33.
TradingView
LTC still has some distance to go before it can reach the $100 level.
Both its MACD and RSI indicators have confirmed bullish momentum. Will it be able to maintain its momentum? According to the most recent longs-versus-shorts statistics, shorts decreased by 145.540 and the net longs was 44.055.
Source: HyblockCapital
A change in sentiment is reflected by the drop in shorts. It was unclear at press time if this has anything to do about the Fidelity Digital announcement that it would be adding LTC into its portfolio.
Hashrate reaches new three-month peak
Litecoin’s In the past 2 days, hashrate also recorded an impressive spike. This resulted in pushing to a 3-month-high of 1,179 PH/s. It also moved closer to the new chart high of 6 months.
Source: CoinWarz
The aforementioned spike coincides with the observed change in the sentiment of the market and increase in Litecoin trading, especially when the market began to ease into a bullish mindset.
These findings suggest that Litecoin may be on the verge of a positive recovery. Its ability to move above $100 in the near term depends on the current level of market demand.
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Source: ambcrypto.com
