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Grayscale Provides 174,000 LTC to Its Litecoin Holdings- Worth of the Altcoin Unresponsive

03/04/2021
Grayscale Adds 174,000 LTC to Its Litecoin Holdings- Price of the Altcoin Unresponsive

In accordance with studies, Grayscale added 174,000 tokens to its litecoin holdings prior to now month. This haul pushed its complete holdings of the altcoin to 1.44 million. Following this acquisition, which represents 80% of all litecoin that have been mined prior to now month, the overall worth of Grayscale’s holdings of the altcoin is now simply over $248 million.

Grayscale Adds 174k LTC to Its Litecoin Holdings— Price of the Altcoin Unresponsive

Nevertheless, following the massive acquisition by Grayscale Investments, LTC’s value motion seems to be unrelated to altering provide dynamics. As an illustration, Messari information reveals that the altcoin solely went above the $200 mark between February 12 and 22. Nevertheless, since then the value has returned to ranges beneath $200 with February 25 being the one exception. On the time of writing, the token was buying and selling at simply above $190.

Grayscale Adds 174k LTC to Its Litecoin Holdings— Price of the Altcoin Unresponsive

Within the meantime, on Twitter, some customers are questioning the altcoin’s failure to pump following Grayscale’s large shopping for. As an illustration, one Twitter consumer, Carolyn Bamberger asks why the value has not pumped. In response, the Litecoin staff mentioned:

Giant orders like these are often bought via an OTC desk as to not instantly affect the market. Some speculate that on account of this the availability shock could also be delayed.

Nonetheless, different customers stay unconvinced with this rationalization, whereas just a few supporters consider {that a} value spike will occur quickly.

Grayscale Adds 174k LTC to Its Litecoin Holdings— Price of the Altcoin Unresponsive

Within the meantime, in line with information shared by the Litecoin staff, in the identical interval, Grayscale added over 243,000 ETH. This addition meant that as of March 1, 2020, Grayscale held a complete of three.17 million ETH tokens which are valued at round $4.86 billion.

In distinction, solely 7,169 BTC have been added to Grayscale’s greatest holdings thus bringing the funding firm’s complete holdings of the crypto asset to over 655,640 bitcoins.

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