LTC Surges 2.59% as New Mining Chip, Institutional Futures Drive $22M Binance Volume

Litecoin (LTCUSDT) experienced a 2.59% price increase over the last 24 hours, with the current price on Binance at $53.52 and a 24-hour open of $52.17. The recent upward movement can be attributed to positive developments such as Bitdeer finalizing a new Litecoin mining chip design, increased institutional interest indicated by ICE including Litecoin in its futures index, and Luxxfolio expanding its Litecoin holdings and initiating new mining operations. These events likely contributed to improved sentiment and increased trading activity, reflected in a Binance 24-hour volume of $22.29 million and a broader market volume between $276 million and $343.98 million. Despite short-term gains, Litecoin remains in a longer-term downtrend, with a weekly decline of around 9% to 10.26%, trading within a range of $51.00 to $55.49 in the past day and a current market capitalization of approximately $4.06 billion to $4.1 billion.