Grayscale’s Litecoin Based Products are On the Rise. Grayscale currently has a Litecoin-based financial product known as Litecoin (LTCN) which is sold to institutional investors along with its Bitcoin Cash (BCHG).
Litecoin Trust has been doing well since it was launched on the 18th of August 2020. Since then, the product has surged by more than 753%. The second product in the truth, Bitcoin Cash BCHG has also made a lot of progress surging by more than 351% since its launch. Litecoin LTCN has done well and the demand has been on a steady rise. A lot of people hoped that Grayscale would reinvigorate Litecoin and help the Litecoin LTC token rise significantly against the USD.
The Litecoin LTC token has been struggling against the USD. At the time of writing, the price of LTC was trading at $59.82. This means that it is down by 2.17% against the USD and down by 1.13% against Bitcoin BTC. The trading volume over a 24 hour period was $2,583,339,177 and the market capitalization was $3,906,128,015. Even if many other underdog assets like LINK and Cardano ADA have gained significantly since the beginning of the year, Litecoin LTC has been struggling to rise and maintain bullish momentum.
The token has remained in the $55 – $59 range failing to move above the resistance at $60. The fee efforts to move above $60 have been faced with rejection.
If you’re interested in investing in Grayscale’s Litecoin-based product, it’s important to note that the LTCN isn’t the same as Litecoin LTC. So, investing in LTCN isn’t the same as investing in LTC. You should treat it as a completely separate investment. The price of the Litecoin LTC will most likely be affected by the price action of Bitcoin BTC instead of LTCN. Bitcoin BTC is currently trading at $11,601.01. It is down by 1.27% against the USD with a trading volume of $22,735,431,787 and the market capitalization of $214,246,278,811.
Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.
- Litecoin Foundation is Making a lot of Progress With Grayscale and Other Developments
- Litecoin LTC Continues to Struggle Despite the Foundation of the Progress
The Litecoin Foundation has made a lot of progress in developing the network and the ecosystem. One of their biggest partnerships that they signed recently was with Grayscale investment. Grayscale has been interested in Litecoin for a while now and they recently crossed the $6 billion investment mark as stipulated under the Assets under Management (AUM).
Not too long ago, Grayscale increased the retail demand for Litecoin LTC through its 401k savings plan. Despite this partnership and other partnerships, the Litecoin LTC token is still struggling against the USD.