Grayscale Buys 24k LTC, is Litecoin Undervalued?
Grayscale Investment, a regulated firm in the United States facilitating institutional exposure to crypto, on Mar 24, bought 24k LTC for their clients, according to Bybt. On the other hand, analysts are confident the coin has more upsides and could race higher, correcting the current undervaluation. The purchase from Grayscale, adding over 35k on the last day alone, reflects investor sentiment and confidence in Litecoin that, like Bitcoin, has been charting higher on increasing utility.
The Litecoin price is steady but bullish, tracking Bitcoin's price that's already higher after Tesla's announcement. Although gains in Litecoin are small, demand from institutions could prop bulls. They are banking on the project's wave of adoption—thanks to its relatively low transaction costs and privacy development, even aiding propel the coin to new 2021 highs.
Impact on the Litecoin Price:
Bullish. From statistics, Grayscale institutional investors are stacking up more Litecoin, adding over 35k LTC on the last day alone. Furthermore, a blend of fundamental and technical factors align to support LTC bulls aiming for a recovery above $250.
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