{"id":640063,"date":"2024-09-05T21:00:48","date_gmt":"2024-09-05T21:00:48","guid":{"rendered":"https:\/\/uniquehot.com\/?p=640063"},"modified":"2024-09-05T13:53:51","modified_gmt":"2024-09-05T13:53:51","slug":"litecoin-grayscale-10000-ltc","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/litecoin\/litecoin-grayscale-10000-ltc\/","title":{"rendered":"Litecoin Looks Poised To Explode As Grayscale Buys 10,000 LTC"},"content":{"rendered":"

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

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

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

\"LTC
Source: X<\/figcaption><\/figure>\n

In line with this development, Bamboo urged the crypto community to start paying attention to <\/span>Litecoin<\/span><\/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 <\/span>usher in a rally<\/span><\/a> for the crypto market as it has done in the past.\u00a0\u00a0<\/span><\/p>\n

Related Reading: Bitcoin Short-Term Holder Behavior Reminiscent Of 2019 As BTC Remains Below $60,000<\/a><\/div>\n

It is worth mentioning that Grayscale\u2019s Litecoin holdings are the underlying assets for its Grayscale Litecoin Trust (LTCN), which offers <\/span>institutional investors<\/span><\/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<\/span><\/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<\/span><\/p>\n

Meanwhile, <\/span>data<\/span><\/a> from the market intelligence platform IntoTheBlock shows that other <\/span>Litecoin whales<\/span><\/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<\/span><\/p>\n

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

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

\"Litecoin
Source: X<\/figcaption><\/figure>\n

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

Related Reading: Crypto Analyst Says The Bitcoin \u2018Summer Chop\u2019 Is Nearing Its End, Here\u2019s Why<\/a><\/div>\n
\"LTC
Source: X<\/figcaption><\/figure>\n

Crypto analyst Joao Devesa provided insights into how high <\/span>Litecoin<\/span><\/a> will rise if it achieves a successful breakout, <\/span>stating<\/span><\/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<\/span><\/p>\n

\"Litecoin
Source: X<\/figcaption><\/figure>\n

At the time of writing, Litecoin is trading at around $67, up over 1% in the last 24 hours, according to <\/span>data<\/span><\/a> from CoinMarketCap.\u00a0<\/span><\/p>\n

\"Litecoin
LTC price still below $70 | Source: LTCUSDT on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","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 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).\u00a0 In line with this development, Bamboo urged the crypto community to start paying attention to Litecoin \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 for the crypto market as it has done in the past.\u00a0\u00a0 Related Reading: Bitcoin Short-Term Holder Behavior Reminiscent Of 2019 As BTC Remains Below $60,000 It is worth mentioning that Grayscale\u2019s 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\u2019s Litecoin holdings indicates there is an increased demand for the crypto among institutional investors.\u00a0 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 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\u2019s circulating supply have also increased their holdings in the last thirty days.\u00a0 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 \u201cvery long\u201d downtrend against Bitcoin.\u00a0 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.\u00a0 Related Reading: Crypto Analyst Says The Bitcoin \u2018Summer Chop\u2019 Is Nearing Its End, Here\u2019s 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.\u00a0 At the time of writing, Litecoin is trading at around $67, up over 1% in the last 24 hours, according to data from CoinMarketCap.\u00a0 Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":599918,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16897],"tags":[167,6664,26263,14690,10,2784,2785,2828,89387,2829,2831,79510],"class_list":["post-640063","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-litecoin","tag-analyst","tag-crypto","tag-crypto-analyst","tag-crypto-news","tag-litecoin","tag-litecoin-news","tag-litecoin-price","tag-ltc","tag-ltc-news","tag-ltc-price","tag-ltcusd","tag-ltcusdt"],"acf":[],"yoast_head":"\nLitecoin Looks Poised To Explode As Grayscale Buys 10,000 LTC<\/title>\n<meta name=\"description\" content=\"Litecoin (LTC) is set to enjoy a significant price increase due to massive buying pressure from institutional investors like Grayscale.\" \/>\n<meta name=\"robots\" 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