the Litecoin price The coin has risen by double digits in the past 24 hours to hit a four-week high of $118, as optimism grows around the potential approval of a Litecoin-based exchange-traded fund.

At press time, Litecoin is trading at around $117, up 15.1% on the day, according to data from Queen Gekko.

Litecoin's rise came after Canary Capital amended its S-1 filing form with the U.S. Securities and Exchange Commission (SEC) on January 15, a move analysts interpret as a major step toward regulatory involvement.

Such amendments often indicate feedback from regulators, and the changes made can provide clues about the status of the review.

If the SEC gives the green light to Canary's ETF proposal, Litecoin will join Bitcoin and Ethereum As the only cryptocurrency with US approved spot ETFs.

The recording sparked comment from Bloomberg ETF analysts Eric Balchunas and James Seyfart, with Balchunas Pointing to “talk that Litecoin S-1 has received comments from the SEC,” arguing that this “bodes well” for predictions that Litecoin will likely be the next cryptocurrency approved for an exchange-traded fund (ETF).

On Wednesday, Balchunas warned that the SEC's upcoming leadership transition, with Paul Atkins set to replace Gary Gensler as head of the agency, introduces a "huge variable" in the regulatory outlook.

Seyfart male While the filing signals "participation" from the SEC, it will require a 19b-4 filing — a regulatory filing that officially starts the clock for approval or disapproval — to advance the process.

Canary Capital's amendments focused on its proposed agreements with cryptocurrency custodians Coinbase and BitGo, which address custodial arrangements to meet SEC standards.

The filing includes updates regarding accounting, marketing, legal, and tax provisions, ensuring compliance with SEC and regulatory requirements.

Analysts believe these revisions could speed up the SEC's review process.

Blockchain analytics firm Santiment has noticed increased activity among major Litecoin holders, with “whales” and “sharks” accumulating nearly 250,000 Litecoins worth $29 million since January 9.

Despite the rally, Litecoin remains 72% below its all-time high of $410, which was reached in May 2021, leaving room for growth if regulatory approval is secured.

Competition is heating up among altcoins to secure the next US spot crypto ETF, including corporates Bitwise and Van Eyck You've already filed Forms 19b-4 for the Solana ETFs, which gives them a procedural advantage.

Analysts at JPMorgan expect and estimate significant inflows into approved cryptocurrency ETFs Solana and XRP ETFs can collectively attract $14 billion in their first year.

The market is closely watching the shift in SEC leadership as Paul Atkins assumes the chairmanship.

The community, known for its pro-crypto stance, expects to create a more favorable environment for cryptocurrency ETF approvals.