Litecoin (LTC) was one of the earliest cryptocurrencies to enter the market. Despite its popularity and growth rate back in the day, LTC took a backseat during the last few years. The altcoin was sidelined as the market welcomed a plethora of new assets. This, however, did not stop the asset from making a comeback. The news of a Litecoin exchange-traded fund (ETF) garnering approval has put LTC under the spotlight. Can the altcoin bank on this momentum and surge this month?

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Litecoin’s Rise and Fall

The entire market was painted red, at press time. Most assets were recording a massive drop in price. Litecoin was one among them. After rallying by more than 10% in a single day, LTC was seen experiencing a decline of similar magnitude. During the time of writing, the altcoin was trading at $116.67 following a nearly 10% drop over the past 24 hours.

LTC’s monthly returns stand at 17.38%. Despite this notable growth of the altcoin, it remains 71% below its all-time high. Litecoin hit a peak of $412.96 about four years ago in 2021.

But the chances of the asset reclaiming this peak were heightened. ETF analysts at Bloomberg said there is a 90% probability the US Securities Commission would approve a spot Litecoin ETF before the year is out.

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February Price Prediction

Data from CoinCodex revealed that the altcoin is set to record a notable increase. However, the chances of LTC reclaiming its peak were highly unlikely. According to the firm, Litecoin might increase by up to 6.32% in February, reaching an average price of $124.21 for the month. The range of the expected price variation is between $103.80 and $148.97. When compared to the present price, this trend can provide a potential return of 27.50%.

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