Litecoin (LTC) Is on the Verge of a Substantial Price Surge, Driven by Significant Buying Pressure from Institutional Investors

Analysis by crypto expert 28 Crypto indicates that Litecoin is well-positioned to experience dramatic price increases.

Cryptocurrency Litecoin (LTC) is poised for a significant price rally, fueled by substantial buying pressure from institutional investors, notably Grayscale. A recent analysis by crypto expert 28 Crypto further indicates that LTC 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, based on data from Coinglass. This addition brings Grayscale's total Litecoin holdings to 1.86 million LTC, valued at around $122 million.

Bamboo urged the crypto community to pay attention to Litecoin before the price surge potentially leaves them priced out. According to Bamboo, LTC'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 provides institutional investors with exposure to Litecoin, and the increase in Grayscale's holdings suggests heightened demand for the cryptocurrency among these investors.

This development is bullish for Litecoin, as increased institutional demand typically drives up prices. Moreover, the presence of closed-end funds like LTCN may pave the way for a Spot Litecoin ETF, potentially introducing more liquidity into the Litecoin ecosystem.

Further data from IntoTheBlock shows 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, particularly those holding between 0.1% and 1% of Litecoin’s circulating supply.

Crypto analyst 28 Crypto highlighted in an X post that LTC 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 LTC will rise to unforeseen heights, surpassing major cryptocurrencies like Bitcoin and Ethereum.

Joao Devesa, another crypto analyst, provided his thoughts on Litecoin’s potential price targets following a successful breakout. He suggests that LTC could reach $100, a level it last touched in April of this year.

At the time of writing, Litecoin is trading at around $67, showing a modest increase of over 1% in the past 24 hours, as per CoinMarketCap.

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