Home Litecoin Grayscale Adds 174,000 LTC to Its Litecoin Holdings- Price of the Altcoin Unresponsive – Altcoins Bitcoin News

Grayscale Adds 174,000 LTC to Its Litecoin Holdings- Price of the Altcoin Unresponsive – Altcoins Bitcoin News

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In response to experiences, Grayscale added 174,000 tokens to its litecoin holdings prior to now month. This haul pushed its whole holdings of the altcoin to 1.44 million. Following this acquisition, which represents 80% of all litecoin that had been mined prior to now month, the entire 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

Nonetheless, following the massive acquisition by Grayscale Investments, LTC’s value motion seems to be unrelated to altering provide dynamics. For example, Messari information exhibits that the altcoin solely went above the $200 mark between February 12 and 22. Nonetheless, since then the worth 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 huge shopping for. For example, one Twitter consumer, Carolyn Bamberger asks why the worth has not pumped. In response, the Litecoin group said:

Massive orders like these are often bought by an OTC desk as to not instantly influence the market. Some speculate that because of this the availability shock could also be delayed.

Nonetheless, different customers stay unconvinced with this clarification, whereas a couple of 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 group, 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 had been added to Grayscale’s greatest holdings thus bringing the funding firm’s whole holdings of the crypto asset to over 655,640 bitcoins.

What are your ideas on Grayscale’s buy of LTC? Inform us what you suppose within the feedback part beneath.

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