The cryptocurrency known as Litecoin (LTC) has experienced a huge increase in value, propelling it to the position of the second best-performing top 100 cryptocurrency.
The price of Litecoin has increased by 24% over the course of the past week, breaking through the $100 threshold in the process.
The recent increase in the value of Litecoin can be partially linked to a statement that was issued by the Commodity Futures Trading Commission (CFTC) of the United States of America. After filing a lawsuit against KuCoin, the Commodity Futures Trading Commission (CFTC) categorized Litecoin as a commodity.
A fundamental reason for the significance of this declaration is that it removes Litecoin outside the jurisdiction of the Securities and Exchange Commission (SEC), which is responsible for imposing more stringent regulations on coin issuers in relation to securities.
The complaint that the CFTC has submitted against KuCoin states that "KuCoin solicited and accepted orders, accepted property to margin, and operated a facility for the trading of futures, swaps, and leveraged, margined, or financed retail transactions involving digital assets that are commodities including Bitcoin (BTC), Ether (ETH), and Litecoin (LTC)."
This classification of Litecoin as a commodity opens up opportunities for the cryptocurrency, increasing the likelihood that it will obtain endorsements and integrations without the concern of future enforcement proceedings from the SEC.
There has been a 31.7% growth in the price of Litecoin over the past thirty days, and it is currently trading at $110.25.
Only the 18.7% increase that occurred on March 11 can be compared to this surge, which makes it the second-best performing day for LTC thus far in 2018.
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