Litecoin Looks Set to Blow Up as Grayscale Buys 10,000 LTC
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Litecoin (LTC) Prices are expected to rise significantly due to enormous buying pressure from institutional investors and others. Grayscale. According to a recent analysis by cryptocurrency analyst 28 Crypto, Litecoin Significant price increases are expected.
Grayscale adds 10,000 LTC to its portfolio
On X (formerly Twitter) mailCryptocurrency commentator Bamboo shared data from cryptocurrency data analytics platform Coinglass, stating: Grayscale Recently added 10,000 LTC to the portfolio. Added data According to Coinglass, the asset manager currently holds 1.86 million LTC ($122 million).
Following these developments, Bamboo urged the crypto community to start paying attention to: Litecoin “Before the maximum pain starts and (the price) skyrockets”, the cryptocurrency analyst devalues everything. Litecoin Hold a meeting In the cryptocurrency market, as in the past.
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It is worth mentioning that Grayscale’s Litecoin holdings are the underlying asset of the Grayscale Litecoin Trust (LTCN). Institutional Investors Exposure to crypto assets. Therefore, the increase in Grasycale’s Litecoin holdings indicates increased demand for cryptocurrencies among institutional investors.
This is undoubtedly bullish for Litecoin, considering the impact that increased demand for cryptocurrencies among institutional investors could have on the price. Furthermore, the existence of a closed fund like LTCN catering to institutional investors could eventually pave the way for the launch of a Spot Litecoin ETF, ultimately bringing more liquidity into the Litecoin ecosystem.
meantime, data Another market intelligence platform IntoTheBlock Litecoin Whale In addition to Grayscale, there is also an accumulation of cryptocurrencies. The number of LTC coins held by these whales has increased significantly. In addition, investors who hold between 0.1% and 1% of Litecoin’s circulating supply have also increased their holdings over the past 30 days.
Litecoin price expected to witness a breakout
Cryptocurrency analyst 28 Crypto said: X Post Litecoin is growing explosively Bitcoin On the daily time frame, cryptocurrency analysts have noted how bullish this is. LitecoinConsidering that Bitcoin has experienced a “very long” downtrend.
~ inside response To my followers, and also to crypto analysts talking He claimed that there will be a breakout in the weekly timeframe and that Litecoin will rise beyond imagination. Interestingly, 28 Crypto As previously mentioned Litecoin is expected to outperform all major market cap coins, including Bitcoin and Ethereum.
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Cryptocurrency analyst Joao Devesa offered this insight: Litecoin If a successful breakout occurs, it will go up. State It is said that it will go up to $100. The last time Litecoin reached that price level was in April of this year, when it reached $103.
At the time of writing, Litecoin is trading at around $67, up more than 1% over the last 24 hours. data On CoinMarketCap.
Featured image made with Dall.E, charts from Tradingview.com
