The larger cryptocurrency market has seen some fairly big price increases in the recent past. Litecoin is up nearly 17%, Hyperliquid has gained 18%, and Cardano has risen by 6%. The movements come on the back of a change in market sentiment, given recent news such as ETF applications, the Federal Reserve pausing interest rates, and significant upgrades to blockchain networks.
Litecoin (LTC) Rallies Amid ETF Optimism
The rally in the price of Litecoin is being driven by growing optimism over the approval of the Canary Litecoin ETF. An application for that specific exchange-traded fund is reportedly under consideration with the U.S. Securities and Exchange Commission, or SEC.
Its eventual approval has fired up investors, nearly sending the digital coin up 17% in a single day. According to the latest available data, LTC is trading at around $133 with a weekly price increase of 18%.
The SEC recently initiated the 21-day public comment period for an ETF proposal, a prerequisite for the actual investment product. If approved, it would also make this altcoin ETF the very first one clearing this major hurdle and charting a path that more cryptocurrency-related products may soon tread other than Bitcoin and Ethereum.
18% Hype Price Jump of Hyperliquid
Hyperliquid (HYPE) also saw much traction with an 18% increase in the last 24 hours. The cryptocurrency is seeing bullish momentum as it broke past major resistance levels. The price surge comes a week after HYPE recorded a 14.29% increase overall.
HYPE’s recent rally is being supported by strong on-chain metrics, such as increasing total value locked (TVL) and rising trading volumes. The latest data indicates that HYPE’s TVL is almost reaching $1.651 billion, indicating growing liquidity and market confidence. Taken together, these factors make it possible that HYPE could further move toward new market highs.
Cardano (ADA) Gains 6% After Plomin Hard Fork
ADA did not lag in this positive trend as it moved upwards by 6% following the successful hard fork of Plomin. In particular, the update was one of the significant changes in Cardano’s governance model, which now gives control to ADA holders. Thus, it increased in price to $0.97 and recovered from its earlier lows.
Analysts believe the Plomin hard fork positions Cardano for further growth since it enhances the decentralization of the network. This successful transition has drawn renewed interest from investors with many speculating that ADA may hit the $1 mark in the near future.
Recent developments in the cryptocurrency market, including ETF optimism for Litecoin, bullish momentum for Hyperliquid, and a successful governance upgrade for Cardano, all led to massive price hikes. As the market sentiment is further changing into positive territory, expect these cryptocurrencies to further grow in value over the next couple of days.
