Despite the asset declining by more than 30%, Grayscale doesn't spare any detail and adds 32K LTC ($2.3 million) to its Grayscale Litecoin Trust.

According to one analyst, LTC may repeat a trend in which its price rises to $370 after staying unchanged in the $100 range.

After a lengthy downward trend in the altcoin market, where assets lost between 30 and 40 percent of their former worth, Grayscale goes on a buying binge.

Market data shows that one of the largest losers was Litecoin (LTC), which dropped from $112 to less than $80.

It's interesting to note that on April 16, Grayscale "left nothing to chance" by adding 32K LTC to its Grayscale Litecoin Trust.

At the current rate, the expansion will raise the Grayscale to approximately $2.3 million.

AUM (Assets Under Management) for the Litecoin Trust reached $132 million. Grayscale presently has 1.65M LTC holding, up from 1.62M according to Coinglass data.

This trend, along with the adoption of LTC in the crypto pay ecosystem, has been regarded by analysts as an optimistic indicator.

Litecoin's official account revealed in a tweet that the cryptocurrency saw a 130% increase in transaction count on BinancePay over the previous year.

Over the past several years, Binance Pay has seen a substantial increase in the adoption of Litecoin! According to data from Binance, LTC increased by 130% in the number of transactions and 65% in volume on BinancePay in the previous year!

LTC is the most popular cryptocurrency for payments in the US, according to a different Bitpay survey. For example, on the platform, LTC topped the most popular cryptocurrency in Q1 2024 for payments.

A passage from the report says:

The cryptocurrency that is most frequently used for transactions is Litecoin.Litecoin has the most transactions on average.

With 126K transactions throughout that time, it was closely followed by Ethereum and Bitcoin. In general, the asset's utility growth has been enormous.

The LTC Purchase by Grayscale Has No Effect on Price

Although the LTC community was excited by Grayscale's large acquisition, the market was unmoved and the price of LTC remained 3% lower for the following seven days.

Nonetheless, there has been a slight increase of 1.8% in the past day, with the market value at $82 at the time of writing.

The Trust's presence in the over-the-counter (OTC) market provides a perfect answer.

Mostly fails to appear in the order books of centralized exchanges. Regardless, the price could stage an explosive run in the long-term provided the market condition improves and the current bullish signal continues.

A pseudonymous LTC trader confirmed this identified as Crash. According to him, LTC hits at least $370 every cycle but spends a lot of time around $100.

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.

According to a further forecast by cryptocurrency specialist World of Charts, which Crypto News Flash examined, LTC may break out of a bullish pennant pattern during a rally that may push the price 20% to 25% higher than it is now.