- Grayscale has bought the dip and added 32K LTC coins to its Trust.
Litecoin has enjoyed explosive growth as the preferred crypto pay option.
In simpler terms, the value of cryptocurrencies, especially alternative coins, has dropped by around 30-40%, creating significant markdowns. For instance, Litecoin [LTC], which was previously worth over $112.8, is now trading below $80.
On April 16th, Grayscale purchased approximately 32,000 Litecoin coins in grayscale Litecoin Trust at discounted prices, equating to around $2.3 million based on current market values.
After the recent addition, the assets under management for Grayscale Litecoin Trust now total $132 million. As reported by Coinglass, Grayscale’s Litecoin holdings increased from 1.62 million to 1.65 million following this accumulation.
LTC has experienced significant growth in usage within crypto payment systems, leading to an increase in transactions. For instance, Binance Pay reported a 130% rise in LTC transactions compared to the previous year.
“Litecoin usage on Binance Pay grew significantly in the last couple years!! Data from Binance shows that LTC grew 130% in Transaction Count & 65% in Transaction Volume on BinancePay year over year!!”
The growth doesn’t stop at Binance Pay.
Litecoin is the “most common” crypto in…
BitPay report showed that LTC was the most used cryptocurrency in payments in the US.
Based on the data from the report, LTC emerged as the most frequently used cryptocurrency for transactions on our platform during the first quarter of 2024, with an average usage.
Part of the report read,
“Litecoin is the cryptocurrency most commonly used for transactions.”
Additionally, the report highlighted;
“On average, Litecoin has the highest transaction count.”
During the same timeframe, Litecoin (LTC) processed approximately 126,000 transactions per day on average. Bitcoin (BTC) took second place with a lower transaction count, and Ethereum (ETH) came in third.
In total, Litecoin is experiencing significant expansion in terms of usefulness. Nevertheless, Grayscale’s recent acquisition of Litecoin did not result in any noticeable market response.
An acceptable explanation could be that the Trust functions primarily in over-the-counter markets, where transactions don’t get recorded on the public order books of central exchanges.
Despite current challenges, Long Term Capital (LTC) could still see gains in the future if market conditions improve and the bull market continues.
An individual who trades Litecoin under the pseudonym “Crash” on the X platform, previously known as Twitter, discovered a connection between LTC‘s price movements and Bitcoin’s cycles.
“Currently, Litecoin is priced at $79. In contrast, investors are seeking a 7% profit in the stock market. However, during each cycle, Litecoin surges above $370, representing an impressive return of over 21% even when its price hovers around $100.”
Buying a large amount of Litecoin (LTC) at its current price might pay off if the market develops as anticipated. Nevertheless, history doesn’t always repeat itself, so previous trends don’t assure future profits.
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2024-04-18 03:03