The overall sentiments around Litecoin (LTC) are bullish.
Litecoin (LTC) has remained in the limelight since the emergence of crypto on the global scale. The P2P cryptocurrency dropped over 40% on Feb. 20 following the market crash. However, various fundamental and technical analysis suggest that LTC is bullish in the long-term.
Cryptocurrencies are expanding their mass market and their adoption has increased more than ever before. More government and financial institutions are acknowledging the need and significance of digital currencies. Litecoin stands among the top assets in the crypto market whose worth is immense. LTC has a market cap of $12.44 billion, as we write this.
Grayscale has taken benefit from each downswing LTC has gone through over the past few months. As per the reports, the digital asset management firm has added nearly 175K LTC to its account, which shows a 10% rise in its holding in no time.
Grayscale sees the potential in LTC in the long-term as it continues to increase its Litecoin holdings. With the latest addition, Grayscale has a total holding of the altcoin to $248 million, now.
Some of the Litecoin enthusiasts were skeptical about the digital asset’s bullish anticipation. On Twitter, some users questioned LTC’s failure to soar following Grayscale’s massive investment. To a user’s question that said that why didn’t the coin jumped, the Litecoin team responded:
“Large orders like these are usually purchased through an OTC desk as to not immediately impact the market. Some speculate that due to this the supply shock may be delayed.”
Such technicalities are generally not understood by the majority of the audience. And, similar happened in this case, as many people in reply said what does this really mean. However, to cut things short, Litecoin may be under the market radar as it faces a little setback.
Recently, Google Finance added a tab of cryptocurrencies including Bitcoin, Ethereum, and Litecoin. It isn’t surprising to see the biggest financial reporting platform adding crypto to its domain. Who would have thought that the crypto market cap could reach $1.7 trillion—in February 2021—and $1.5 trillion, as of now.
An important update that could be beneficial for Litecoin in the long-term is that Ebang International Holdings plans to launch a Litecoin and Dogecoin mining business. Ebang is a blockchain-based firm in the global market. The company has discussed the matter in the board meeting and has passed a resolution for this step.
Based on the Resolution, Ebang intends to operate both the digital asset’s mining business through its self-manufactured mining machines, along with other mining machines bought on lease.
Litecoin (LTC) is expected to jump back strongly as the overall sentiment remains bullish among the investors. It’s just a matter of time when Bitcoin recovers once again. As we write this, LTC was trading at $183.69, down by 4.42%. Analysts have a price target of $200, let’s see how the market behaves.