{"id":3990,"date":"2024-09-05T21:00:48","date_gmt":"2024-09-05T21:00:48","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=3990"},"modified":"2024-09-05T21:00:48","modified_gmt":"2024-09-05T21:00:48","slug":"litecoin-looks-poised-to-explode-as-grayscale-buys-10000-ltc","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=3990","title":{"rendered":"Litecoin Looks Poised To Explode As Grayscale Buys 10,000 LTC"},"content":{"rendered":"

Litecoin (LTC)<\/a> is set to enjoy a significant price increase due to massive buying pressure from institutional investors like Grayscale<\/a>. A recent analysis by crypto analyst 28 Crypto also showed that Litecoin<\/a> is poised to enjoy significant price gains.\u00a0<\/p>\n

Grayscale Adds 10,000 LTC To Its Portfolio<\/h2>\n

In an X (formerly Twitter) post<\/a>, crypto commentator Bamboo shared data from the crypto data analysis platform Coinglass, showing that Grayscale<\/a> had recently added 10,000 LTC to their portfolio. Further data<\/a> from Coinglass showed that the asset manager now holds 1.86 million LTC ($122 million).\u00a0<\/p>\n

In line with this development, Bamboo urged the crypto community to start paying attention to Litecoin<\/a> \u201cbefore max pain kicks in and [the] price shoots up\u201d and prices them all out. The crypto analyst added that Litecoin would likely usher in a rally<\/a> for the crypto market as it has done in the past.\u00a0\u00a0<\/p>\n

It is worth mentioning that Grayscale\u2019s Litecoin holdings are the underlying assets for its Grayscale Litecoin Trust (LTCN), which offers institutional investors<\/a> exposure to the crypto asset. As such, the increase in Grasycale\u2019s Litecoin holdings indicates there is an increased demand for the crypto among institutional investors.\u00a0<\/p>\n

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.\u00a0<\/p>\n

Meanwhile, data<\/a> from the market intelligence platform IntoTheBlock shows that other Litecoin whales<\/a> 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\u2019s circulating supply have also increased their holdings in the last thirty days.\u00a0<\/p>\n

Litecoin Price Is Set To Witness A Breakout<\/h2>\n

Crypto analyst, 28 Crypto, revealed in an X post<\/a> that Litecoin is breaking out against Bitcoin<\/a> on the daily time frame. The crypto analyst noted how bullish this is for Litecoin<\/a>, considering that it has experienced a \u201cvery long\u201d downtrend against Bitcoin.\u00a0<\/p>\n

In response<\/a> to a follower, the crypto analyst also mentioned<\/a> 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<\/a> that Litecoin will outperform all major cap coins including Bitcoin and Ethereum.\u00a0<\/p>\n

Crypto analyst Joao Devesa provided insights into how high Litecoin<\/a> will rise if it achieves a successful breakout, stating<\/a> that it will rise to $100. The last time Litecoin reached that price level was in April earlier this year when it hit $103.\u00a0<\/p>\n

At the time of writing, Litecoin is trading at around $67, up over 1% in the last 24 hours, according to data<\/a> from CoinMarketCap.\u00a0<\/p>","protected":false},"excerpt":{"rendered":"

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.\u00a0 Grayscale Adds 10,000 LTC To Its Portfolio In an X (formerly Twitter) post, crypto commentator Bamboo […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-3990","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/3990"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3990"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/3990\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3990"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3990"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3990"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}