Grayscale Adds $2.3 Million Worth of LTC to Trust as Analyst Predicts Price Surge to $370
Grayscale, the world’s largest digital currency asset manager, has made a bold move by adding 32K LTC ($2.3 million) to its Grayscale Litecoin Trust amidst a significant drop in the altcoin market. The move comes as Litecoin (LTC) has seen a sharp decline of over 30% in its value, falling from $112 to below $80.
Despite the market downturn, analysts remain optimistic about LTC’s future, with some predicting that the cryptocurrency could replicate a pattern that sees its price reaching $370. This bullish outlook is supported by Grayscale’s continued investment in LTC, as well as the coin’s growing adoption in the crypto payment ecosystem.
According to data from Coinglass, Grayscale’s LTC holding has increased from 1.62M to 1.65M, bringing the Grayscale Litecoin Trust Assets Under Management (AUM) to $132 million. This significant investment, coupled with LTC’s strong transaction growth on platforms like BinancePay and Bitpay, has fueled speculation about a potential price surge in the near future.
Despite Grayscale’s buying spree, LTC’s price has remained relatively stagnant, trading at $82 at press time. However, some analysts believe that the cryptocurrency could see a significant price increase in the long term, with one trader noting that LTC hits $370 every cycle but spends a lot of time around $100.
Overall, the future looks bright for Litecoin, with experts predicting a breakout from a bullish pennant pattern that could send its price 20% to 25% above its current level. As the crypto market continues to evolve, LTC’s growing utility and strong investor interest could pave the way for a major price rally in the coming months.
