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.
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).
In line with this development, Bamboo urged the crypto community to start paying attention to Litecoin “before max pain kicks in and [the] price shoots up” 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.
It is worth mentioning that Grayscale’s 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’s Litecoin holdings indicates there is an increased demand for the crypto among institutional investors.
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.
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’s circulating supply have also increased their holdings in the last thirty days.
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 “very long” downtrend against Bitcoin.
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.
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.
At the time of writing, Litecoin is trading at around $67, up over 1% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com