In the midst of its ongoing bull run, Grayscale has increased its Litecoin Trust holdings by 740%. LTC is currently trading around the $225 USD range at the time of writing.
Litecoin has performed extremely well during this bull run, but it has seemed to lag behind its top-10 peers. It has been traded at a multi-year high of $240, but for now continues to seek support above $220.
Litecoin eyes holding the support level of $220 as it looks to breakout Source: LTCUSD on Tradingview.com
Despite the slight retreat, Litecoin looks to be poised for a bullish upswing towards a new all-time high. Mimicking that of Bitcoin and Ethereum. Grayscale Investments increasing exposure to Litecoin only makes the run that much more likely.
Increased institutional investment has been largely viewed as a major component for this ongoing crypto bull cycle over the last couple of years. Large money management firms have been known to buy a large volume of cryptocurrency. With Grayscale Investments Holdings being chief among them. This ultimately adds to the buying pressure helping to set the price to higher highs.
Grayscale operates other trusts, most notably ones for Bitcoin and Ethereum. The two largest cryptocurrencies, both of which have benefited from increased demand by the fund management firm. In the case of Litecoin, data from Grayscale shows that the Litecoin trust increased by around 1.4 million LTC.
Litecoin Benefitting From The Grayscale Effect
Much like Bitcoin and Ethereum benefitted from the ‘Grayscale effect’. Litecoin is likely to garner momentum towards all-time highs above $400.
Litecoin is looking forward to breaking above the crucial resistance. Which is likely to catapult it to $300 before making advances toward $400 and the technical picture shows that buyers have the control. The Moving Average Convergence Divergence (MACD) moving higher above the midline is proof of this.
But support for Litecoin above $220 is crucial because if that is lost, overhead pressure will increase toward the buyer congestion at $200. If Litecoin fails to hold break above the $250 crucial hurdle, the bullish outlook on LTC will be completely invalidated.
Corey has been involved in media and writing since graduating from the illustrious Howard University with a degree in Broadcast Journalism. While relatively new to the cryptocurrency world, he has been writing since 2012 with most contributions coming in the sports world on websites such as LakersNation.com and DodgerBlue.com. Corey is also an avid sports fan who closely follows the Lakers, Cowboys, Dodgers, WWE, and UFC.
Introduction A cryptocurrency is considered centralized when minted or created before issuance or issued by a single issuer. Each cryptocurrency operates...
Kusama, the "canary network" for the Polkadot blockchain, saw its in-house token KSM gain 14.5% of value in the...
Our Partners
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
Cookie
Duration
Description
cookielawinfo-checbox-analytics
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checbox-functional
11 months
The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checbox-others
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-necessary
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-performance
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy
11 months
The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.