This website uses cookies to ensure you get the best experience on our website
Join us on Telegram for FREE daily market updates!

Blog

Date:
26th Nov 2020
Author:
CryptoAltum Research Team

Institutions are Buying Litecoin at over $2,500 via Grayscale


The demand for Litecoin among institutions is at an unprecedented level if the premium paid at Grayscale Investment leads. An Arcane Researcher revealed a 3,193% premium existed between the secondary market of LTC and those offered by the regulated ramp on Nov 23 meaning investors were buying LTC at an implied price of $2,750.


Details: 

Boosted by PayPal’s support, Litecoin together with supported coins--BTC, ETH, and BCH, rallied. However, it was the sharp increment of LTC prices flipping BCH’s market cap and investors flowing to fill their bags with Grayscale Litecoin Trust shares that drew interest. The huge premium and their facilitating of regulated companies to have exposure in crypto meant interested firms had to pay huge premiums point to underlying demand for Litecoin. Their plans to add privacy features, their low trading fees, and higher throughput, LTC-BTC atomic swapping support, and the feature by PayPal is a vote of confidence and a possible foundation for a rally above $100.


Impact on the LTC Price: 

Bullish. Institutional demand for a coin that critics say lacks utility, only leeching Bitcoin’s reputation, is bullish. That they are willing to pay a premium with more investors than BCH (as Grayscale’s data show), is a net positive for the coin.


More market updates on our Blog 


Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.
  • Copyright Excel Innovations Ltd (CryptoAltum) 2020