- Grayscale leaves no stone unturned as it adds 32K LTC ($2.3 million) to its Grayscale Litecoin Trust amid the asset falling by over 30%.
- An analyst predicts that LTC could replicate a pattern that sees its price reaching $370 after remaining stagnant within the $100 zone.
Grayscale embarks on a buying spree following an extensive downward trend in the altcoin market that has seen assets losing between 30-40% of their previous value. According to market data, Litecoin (LTC) emerged as one of the biggest losers, having fallen from $112 to below $80.
Interestingly, Grayscale “left nothing to chance” as it added 32K LTC to its Grayscale Litecoin Trust on April 16. Based on the current rate, the addition is worth around $2.3M, bringing the Grayscale Litecoin Trust Assets Under Management (AUM) to $132 million. As disclosed by Coinglass data, Grayscale’s LTC holding has currently increased from 1.62M to 1.65M.
Analysts have interpreted this development coupled with the LTC adoption in the crypto pay ecosystem as a sign of a bullish outlook. As disclosed in a tweet by Litecoin’s official handle, LTC recorded a 130% transaction count growth year-on-year on the BinancePay.
Litecoin usage on Binance Pay grew significantly in the last couple of years!! Data from Binance shows that LTC grew 130% in Transaction Count & 65% in Transaction Volume on BinancePay year over year!!
In another report, Bitpay also discloses that LTC is the most used crypto in payment in the US. On the platform, for instance, LTC topped the most used crypto in terms of payment throughout Q1 2024.
An excerpt of the report reads:
Litecoin is the cryptocurrency most commonly used for transactions…On average, Litecoin has the highest transaction count.
Its transaction count within the period was 126K, closely followed by Bitcoin and Ethereum. Generally, the utility growth of the asset has been massive.
Grayscale’s LTC Purchase Fails to Impact Price
While Grayscale’s massive purchase sparked excitement within the LTC community, it failed to induce any market reaction as it remained 3% down in the last seven days. However, there has been a marginal gain of 1.8% in the last 24 hours, trading at $82 at press time.
One ideal explanation is that the Trust operates in the Over-The-Counter (OTC) market. This mostly fails to appear in the order books of centralized exchanges. Regardless, the price could stage an explosive run in the long-term provided the market condition improves and the current bullish signal continues. A pseudonymous LTC trader confirmed this identified as Crash. According to him, LTC hits at least $370 every cycle but spends a lot of time around $100.
Litecoin is at $79 right now, while people chase a 7% return in the stock market, LTC hits $370+ every cycle. And it spends plenty of time around $100; that’s a 21% return at only $100 LTC.
Another prediction by crypto expert World of Charts reviewed by Crypto News Flash shows that LTC could break out of a bullish pennant pattern in a rally that could send it 20% to 25% above its current price.
Read the full article here
