While the crypto community is watching every Bitcoin (BTC) move with a hawks-eye, Litecoin (LTC) – the world’s seventh-largest cryptocurrency makes a smart move. At press time, Litecoin (LTC) is 7.77% up trading at $67.39 with a market cap of $4.4 billion.
The LTC price surge comes at a time when the overall crypto market seems to be moving sideways. With today’s price surge, Litecoin also extends its year-to-date gains at close to 40%. Litecoin proponents say that the recent move comes in the backdrop of its rising fundamentals.
People calling #Litecoin dead when it is holding strong at top 10, fudamentals never changed, got stronger
????????Grayscale accumulating and about to flip #BCH
Decentralized, transparent, fast, POW, what else do you want? pic.twitter.com/U2yjWD1srr
— Carlos Estrada (@Carlotion_san) November 13, 2020
On the other hand, the Grayscale Litecoin Trust (LTCN) is attracting more investors currently. In its latest updates last week, The Grayscale Litecoin Trust registered a net inflow of $3.6 million in a single day on November 12. On the same day, the total number of wallets holding between 10,000 and 100,000 coins jumped from 308 to 405. In another interesting update, the Grayscale Litecoin Trust is trading at a 2400% premium and the highest among all other Grayscale products. Also, LTCN’s market price per share has jumped to $145.
$GBTC Premium: 18.3%$ETHE Premium: 52.8%$GDLC Premium: 43.1%$ETCG Premium: 23.2%$LTCN Premium: 2398.6%$BCHG Premium: 557.7%
-Grayscale-Prices-$GBTC: $17.96$ETHE: $63.56$GDLC: $13.33$ETCG: $5.54$LTCN: $145.0$BCHG: $14.86
— Grayscale Invest Bot (@GrayscaleTrust) November 15, 2020
Grayscale launched its LTCN product earlier this year in March 2020. Moreover, it was initially available only for accredited investors and later became publicly available during August 2020. During Q3 2020, the net investment inflow surged nearly 1800%. The product has outperformed all other peers in the Grayscale family.
Institutional Investors Willing to Gain Exposure to Litecoin (LTC)
With Grayscale’s LTCN showing this surge, one thing is clear that Litecoin remains in the eye of institutional investors. The strong momentum shows that hedge funds and institutional investors are increasing their exposure to Litecoin (LTC).
On the technical charts, LTC’s convincing move above $64 indicates bullish momentum. Thus, there are high chances that the price can test ahead $70 and continue moving ahead up to $80. On the lower side, Litecoin (LTC) can be seen forming support at $65 where it can see some buying interest if it retests those levels.