This Bitcoin Fork Is Defying Declines In Top Two Cryptos With A 5% Rally Thanks To Strong ETF Hopes In 2025

Benzinga - Dec 17th, 2024
Open on Benzinga

Litecoin (LTC/USD) became a major cryptocurrency gainer, rising over 5% in the last 24 hours to reach a market cap of $9.23 billion and a trading volume increase of 90% to $1.89 billion. This growth outpaced larger cryptocurrencies like Bitcoin and Ethereum, which saw declines. The rally was fueled by remarks from Bloomberg ETF analyst Eric Balchunas about potential spot ETF approvals for Litecoin. Given Litecoin's status as a Bitcoin hard fork, it may avoid regulatory issues and be viewed as a commodity. This has led to increased social mentions and trading interest, with a notable rise in social activity and open interest on platforms like LunarCrush and Binance.

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RATING

6.0
Moderately Fair
Read with skepticism

The article provides a timely update on Litecoin's market performance, with some strengths in clarity and accuracy. However, it lacks depth in source quality and transparency, which affects its overall credibility.

RATING DETAILS

7
Accuracy

The article provides accurate data on Litecoin's price changes, market cap, and trading volume. However, it makes assumptions about regulatory aspects and potential ETF approvals without sufficient evidence or official statements, which could mislead readers.

6
Balance

The article focuses primarily on the positive aspects of Litecoin's performance and potential benefits from regulatory developments. It lacks perspectives or analysis on potential risks or counterarguments, which would provide a more balanced view.

8
Clarity

The article is generally clear and logically structured, with straightforward language that is easy to follow. However, it occasionally uses phrases like 'fresh lease of life' that might be considered somewhat emotive or subjective.

5
Source quality

The article references Bloomberg analyst Eric Balchunas and data from Benzinga Pro and LunarCrush but does not provide direct citations or links to these sources, making it difficult to verify the information independently. The credibility of the market data is assumed but not substantiated with references.

4
Transparency

The article does not disclose any conflicts of interest or affiliations, nor does it clarify the basis for some statements, such as the potential ETF approval process. This lack of transparency raises questions about the impartiality of the reporting.