Grayscale adds 32K Litecoin amidst the dip: Time to go long?

Grayscale grabbed the hot discounts and added 32K LTC coins to its Grayscale Litecoin Trust on the 16 of April. Based on current market prices, that’s an addition worth $2.3M of LTC.Data from Binance shows that LTC grew 130% in Transaction Count & 65% in Transaction Volume on BinancePay year over year!!”BitPay report showed that LTC was the most used cryptocurrency in payments in the US.

According to the report, on average, throughout Q1 2024, LTC was the top cryptocurrency for payment transactions on the platform.Overall, Litecoin has massive utility growth. However, Grayscale’s latest LTC accumulation didn’t induce any market reaction. One plausible reason is that the Trust operates in OTC markets, which hardly reflect on centralized exchanges’ order books.

Nevertheless, LTC has potential upside in the long-term if the market condition improves and the bull market extends. “Litecoin is at $79 right now, while people chase a 7% return in the stock market, LTC hits $370+ every cycle. And it spends plenty of time around $100; that’s a 21% return at only $100 LTC”Going long on LTC could be worth it at the current price if the market pans out as projected. However, past historical performance doesn’t always guarantee future success.Benjamin is a Telecommunication Engineering graduate who is passionate about crypto-markets and unraveling market trends.

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