Litecoin (CRYPTO: LTC) led the cryptocurrency market gainers list on Tuesday, as the broader market rallied on hopeful trade deal developments.
What happened: The proof-of-work coin surged over 11% in the last 24 hours, hitting levels not seen since Mar. 28. The trading volume jumped 41% to $805 million, making it one of the most traded cryptocurrencies over 24 hours.
The coin moved sideways during the morning hours but erupted during the afternoon, surging to an intraday high of $93.18 by late evening.
LTC's rally outperformed market heavyweights Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), which rose 2.45% and 1.62%, respectively.
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The rally also galvanized LTC's derivatives market, with Open Interest surging 9.77% to $606 million, the highest in more than two months, according to Coinglass.
Why It Matters: The upsurge was part of a larger cryptocurrency upswing following the announcement that Treasury Secretary Scott Bessent will meet with Chinese officials for trade negotiations.
Additionally, it marked a sharp reversal from the dip after the SEC delayed a decision on a Litecoin exchange-traded fund application.
Analysts have previously stated that LTC could be the first altcoin ETF of 2025, with Polymarket bettors expecting a 76% chance of approval as of this writing.
Price Action: At the time of writing, LTC was exchanging hands at $91.86, up 11.84% in the last 24 hours, according to data from Benzinga Pro.
Photo Courtesy: Wit Olszewski on Shutterstock.com
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