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Litecoin has been making massive headway over the past few weeks.
The cryptocurrency – a primary competitor to bitcoin and the sixth-largest digital asset in the world by market cap – has struck gold by beating all previous resistance levels set forth following its December 2017 mega rally. At that time, Litecoin was trading for over $400, though like most cryptocurrencies, it fell deeply in the red following the bearish conditions of 2018.
Litecoin Picks Itself Back Up
Since then, it has struggled just to reach the $100 mark, though just two days ago, Litecoin did just that. After breaking $80, the currency went on to hit $87, $90 and then $100 respectively in what’s been a steady bull run that’s comparable to both bitcoin and Ethereum.
Grayscale Investments – a service platform that provides traders access to most major cryptocurrencies – recently announced it would be increasing its total Litecoin fund from 1.8 percent to approximately 3.3 percent. Clearly impressed with Litecoin’s gains as of late, the company’s additions to the fund mark an 83.33 percent increase. This also marks the biggest monetary change for any fund controlled or managed by Grayscale. Bitcoin, for example, only grew by two percent, while bitcoin cash was even less than that.
The CEO and founder of Grayscale Investments and Digital Currency Group Barry Silbert explained that he was very bullish about cryptocurrencies, and he’s sure all the money investors are currently placing in gold will ultimately be moved over to digital assets in the coming years.
I’m convinced that whatever money is in gold is not going to stay in gold. That gets handed down to millennials – I’m highly confident a lot of that will go into bitcoin.
In addition, various Litecoin-based products are now trading on a European exchange. Nordic Growth Market – a subsidiary of Boerse Stuggart and owned by Coin Shares – began offering new cryptocurrency items on April 5 including Amun AG’s ETF, which exposes investors to assorted digital assets including bitcoin, bitcoin cash, Ethereum and Litecoin.
CEO of Coin Shares Ryan Radloff explained:
For traditional investors who are interested in trading, and already have accounts with brokers such as Avanza or Nordnet but may not care to set up accounts with new, often unregulated crypto exchanges, two new crypto assets are now available. This is another important step in the professionalization of the infrastructure around this asset class.
What the U.S. Can Learn from Europe
Bitcoin and cryptocurrency-based exchange-traded funds (ETFs) have long been the goals of cryptocurrency platforms in the United States. VanEck SolidX, for example, have been attempting to put one out there since March 2017, only to have their attempts repeatedly rejected or pushed back by the Securities and Exchange Commission (SEC). Recently, the organization delayed its decision regarding a bitcoin ETF submitted by Bitwise.