Litecoin Looks Poised To Explode As Grayscale Buys 10,000 LTC
06 September 2024 - 7:00AM
NEWSBTC
Litecoin (LTC) is set to enjoy a significant price increase due to
massive buying pressure from institutional investors like
Grayscale. A recent analysis by crypto analyst 28 Crypto also
showed that Litecoin is poised to enjoy significant price
gains. Grayscale Adds 10,000 LTC To Its Portfolio In an X
(formerly Twitter) post, crypto commentator Bamboo shared data from
the crypto data analysis platform Coinglass, showing that Grayscale
had recently added 10,000 LTC to their portfolio. Further data from
Coinglass showed that the asset manager now holds 1.86 million LTC
($122 million). In line with this development, Bamboo urged
the crypto community to start paying attention to Litecoin “before
max pain kicks in and [the] price shoots up” and prices them all
out. The crypto analyst added that Litecoin would likely usher in a
rally for the crypto market as it has done in the past.
Related Reading: Bitcoin Short-Term Holder Behavior Reminiscent Of
2019 As BTC Remains Below $60,000 It is worth mentioning that
Grayscale’s Litecoin holdings are the underlying assets for its
Grayscale Litecoin Trust (LTCN), which offers institutional
investors exposure to the crypto asset. As such, the increase in
Grasycale’s Litecoin holdings indicates there is an increased
demand for the crypto among institutional investors. This is
undoubtedly bullish for Litecoin, considering the impact the
increased demand for the crypto among institutional investors can
have on its price. Moreover, the existence of closed-end funds like
LTCN, which offers institutional investors, could eventually pave
the way for the launch of a Spot Litecoin ETF, ultimately causing
more liquidity to flow into the Litecoin ecosystem.
Meanwhile, data from the market intelligence platform IntoTheBlock
shows that other Litecoin whales besides Grayscale are accumulating
the crypto. There has been a notable surge in the number of LTC
coins held by these whales. Furthermore, investors who hold between
0.1% and 1% of Litecoin’s circulating supply have also increased
their holdings in the last thirty days. Litecoin Price Is Set
To Witness A Breakout Crypto analyst, 28 Crypto, revealed in an X
post that Litecoin is breaking out against Bitcoin on the daily
time frame. The crypto analyst noted how bullish this is for
Litecoin, considering that it has experienced a “very long”
downtrend against Bitcoin. In response to a follower, the
crypto analyst also mentioned that a breakout on the weekly time
frame is also coming and asserted that Litecoin will rise higher
than they can imagine. Interestingly, 28 Crypto has earlier stated
that Litecoin will outperform all major cap coins including Bitcoin
and Ethereum. Related Reading: Crypto Analyst Says The
Bitcoin ‘Summer Chop’ Is Nearing Its End, Here’s Why Crypto analyst
Joao Devesa provided insights into how high Litecoin will rise if
it achieves a successful breakout, stating that it will rise to
$100. The last time Litecoin reached that price level was in April
earlier this year when it hit $103. At the time of writing,
Litecoin is trading at around $67, up over 1% in the last 24 hours,
according to data from CoinMarketCap. Featured image created
with Dall.E, chart from Tradingview.com
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