Litecoin Soars 11% as CFTC Declares it a Commodity, Opening Door for Further Institutional Adoption

• Litecoin (LTC) price spiked nearly 11% after the CFTC declared it a commodity alongside Bitcoin and Ethereum. This places it outside the SEC's scope.

• Being deemed a commodity opens the door for easier endorsements and integrations for Litecoin.

• The price spike marks LTC's second best single-day performance this year after March 11's 18.7% gain.

• Technically, LTC broke out of a trading channel starting March 1. It's up 63% since then.

• With bullish near and long term indicators, LTC could see 10-29% more gains. But failure to meet expectations could mean a 23% drop.