Litecoin (CRYPTO: LTC) soared to double-digit gains on Wednesday after the SEC formally acknowledged its exchange-traded fund application. What happened: The regulator solicited comments on the ETF applied by digital asset trading firm Canary Capital and asked for those to be submitted 21 days after publication in the Federal Register.

Litecoin (LTC) prices shot up 11% in the past 24 hours, printing a daily high of $131 and analyst predict $170 in the near future.

Litecoin surged more than 11% in the last 24 hours as the US SEC moves closer to a decision on the Canary Litecoin ETF.

Litecoin's 15% price increase to $125.90 was driven by positive FOMC meeting outcomes, potential ETF developments, and increased network activity with 122,000 new wallet holders.

Canary's proposed Litecoin ETF aims to eliminate the technological hurdles that have historically irked mainstream investors.

The U.S. Securities and Exchange Commission (SEC) announced it is seeking public comments on a proposal for the Canary Litecoin Exchange-Traded Fund (ETF). This move is a step forward in the potential approval or disapproval process by the agency.

The SEC has "acknowledged" Canary Capital's filing for a Litecoin ETF, pushing $LTC prices higher and triggering a wave of excitement among Litecoin users who believe $LTC is the better coin than Bitcoin.