Institutional interest in Litecoin is coming. Although it is known as the “silver” of Bitcoin’s gold, that narrative is changing. It looks like Litecoin could stand independently as both institutions and retail investors are starting to see potential in it.
Grayscale Litecoin Trust (LTCN) finally saw some gains after over a month as the LTCN rose 32.39% today.
There are two reasons for this increase. First, racing driver Landon Cassill, himself a crypto enthusiast, became the first driver to be paid entirely in crypto, particularly Litecoin, during Darlington Raceway yesterday.
Second, LTC’s renewed topping $ 200 is a major milestone. In addition, it is still rising and placing the 7-day profits at 34.72%. As a result, not only institutions as well as private investors are attracted to Litecoin.
For investors aside from these reasons mentioned above, Litecoin’s good stats are in themselves a driving factor. The low volatility (58%) of the altcoin protects the price from random fluctuations. And a high correlation to BTC (0.97) continues to maintain the asset’s strong value.
Additionally, vibrancy is at its 4 month low, showing that LTC is also part of the accumulation trend. The destruction of old coins has decreased as the dormant phase seems to break in. This upward move is also reinforced by the 4-month high in the MVRV ratio, making LTC a preferred altcoin for investors large and small.
However, in addition to the numbers, the fact that it has been relatively stable over the years also adds to the adoption of Litecoin. So if you are looking for a good investment opportunity, Litecoin seems like a strong argument.