Litecoin (LTC) is on the verge of a substantial price surge, driven by significant buying pressure from institutional investors, particularly Grayscale. Analysis by crypto expert 28 Crypto indicates that Litecoin is well-positioned to experience dramatic price increases.
In a recent X (formerly Twitter) post, crypto commentator Bamboo revealed that Grayscale has added 10,000 LTC to its portfolio, according to data from Coinglass. This addition means that Grayscale now holds a total of 1.86 million LTC, valued at approximately $122 million.
Bamboo urged the crypto community to take notice of Litecoin before the price surge potentially leaves them priced out. According to Bamboo, Litecoin’s history suggests it could spark a broader market rally.
Grayscale’s Litecoin holdings serve as the underlying assets for the Grayscale Litecoin Trust (LTCN). This trust offers institutional investors exposure to Litecoin, and the increase in Grayscale’s holdings signifies heightened demand for the cryptocurrency among these investors.
This development is bullish for Litecoin, as increased institutional demand typically drives up prices. Additionally, the presence of closed-end funds like LTCN might pave the way for a Spot Litecoin ETF, potentially introducing more liquidity into the Litecoin ecosystem.
Further data from IntoTheBlock reveals that other large Litecoin holders, or whales, are also accumulating the crypto. Over the past thirty days, there has been a noticeable increase in the number of coins held by these entities, including those holding between 0.1% and 1% of Litecoin’s circulating supply.
Crypto analyst 28 Crypto highlighted in an X post that Litecoin is beginning to break out against Bitcoin on the daily time frame. This breakout is particularly bullish for Litecoin, as it has been in a prolonged downtrend relative to Bitcoin. The analyst predicts that a breakout on the weekly time frame is imminent and that Litecoin will rise to unforeseen heights, surpassing major cryptocurrencies like Bitcoin and Ethereum.
Joao Devesa, another crypto analyst, provided insights on Litecoin’s potential price targets following a successful breakout. He suggests that Litecoin could reach $100, a level it last touched in April of this year.
Currently, Litecoin is trading at around $67, showing a modest increase of over 1% in the past 24 hours, according to CoinMarketCap.
 set for major gains as institutional buying ramps up, led by Grayscale. Analysts predict strong price surge. Don't miss out!){kind=link}