Institutional curiosity in Litecoin is on the rise. While it is known as the “silver” to Bitcoin’s gold, that narrative is changing. It appears like Litecoin is perhaps standing independently, since establishments and retail traders alike, are beginning to see potential in it.
Grayscale Litecoin Trust (LTCN), after over a month, finally witnessed some gains as LTCN rose by 32.39% today.
There are 2 causes for this rise. First of which is that yesterday, through the Darlington raceway, racer Landon Cassill, a crypto fanatic himself, grew to become the primary driver to be paid completely in crypto, particularly in Litecoin.
Secondly, LTC crossing $200 once again, is a huge milestone. Furthermore, it nonetheless continues to rise, putting the 7-day positive aspects at 34.72%.As a result, not only institutions, but also retail investors are drawn to Litecoin.
Contributing elements
As for investors, apart from these abovementioned reasons, Litecoin’s good stats is a driving factor in itself. Low volatility (58%) of the altcoin retains the value secure from random fluctuations. And a high correlation to BTC (0.97) continues to sustain the asset’s strong value.
Along with this, Liveliness is at its 4 month low which reveals that LTC can also be part of the buildup pattern. Old coins being destroyed has come down as dormancy seems to be setting in. This bullishness can also be boosted by the 4-month excessive of the MVRV Ratio, making LTC a preferable altcoin for giant and small traders.
However, figures aside a huge contributor to Litecoin’s adoption is also the fact that over the years it has been relatively stable. So in case you are on the lookout for a very good funding alternative, Litecoin appears to be making a robust case.
