Cryptocurrency Litecoin (LTC) is making huge moves gaining over 36% over the last week alone. At press time, Litecoin (LTC) has jumped 14.42% hitting its new milestone of $80.75. The cryptocurrency has added a whopping $1.3 billion to its market in less than seven days and has climbed above Bitcoin Cash (BCH) to become the sixth most-valuable cryptocurrency as of now.
Litecoin (LTC) remains one of the top-performing altcoins with its price jumping almost 100% year-to-date and more than 200% from its 2020-low during March. While rebounding from its crucial support levels at $70, LTC bulls have raged-in pushing it to $80 as suggested earlier today.
Litecoin’s bullish breakout along with the BTC movement sends out strong signals ahead.
Long-term, #Litecoin has been losing its value with respect to #bitcoin so far.
Now, $LTCBTC is approaching the end of the descending wedge which is within a bigger wedge.
If it is really a bull market, I would expect it to break to the upside and show some strength. $LTC $BTC pic.twitter.com/D6ulLjWWHg— CryptoHamster (@CryptoHamsterIO) November 18, 2020
Total AUM of Grayscale Litecoin Trust Jumps Touches $60 Million
While the LTC price is making a strong surge, it is most likely driven by institutional money flow. The Grayscale Litecoin Trust (LTCN) has seen its assets under management (AUM) surging over 70% in November so far. As of the latest update on November 18, there a net inflow of an additional $25 million worth of funds in LTCN.
In its latest tweet, digital asset manager Grayscale admits that the LTCN has been one of its most attractive products for investors during 3Q20.
In 3Q20, we saw an increased appetite for Grayscale Bitcoin Cash Trust, Grayscale Litecoin Trust, and Grayscale Digital Large Cap Fund. On average, these products saw inflows increase by more than 1400% quarter-over-quarter. Read the full report here. https://t.co/F48x8d0frs pic.twitter.com/1qKi3uCzOj
— Grayscale (@Grayscale) November 19, 2020
This clearly indicates a strong interest in LTC and one could go for a long. Interestingly, Litecoin has also surpassed the AUM for Grayscale Bitcoin Cash Trust this month.
While Bitcoin (BTC) is just within 10% of its all-time high, Litecoin (LTC) has still a lot of catching up to do ahead. LTC is still down 80% from its all-time high of $420 in December 2017. Maybe the next alt season can change the fortune for LTC investors. Along with LTC, all other top-ten altcoins are in green at press time.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
