Grayscale reached a landmark $328 million in Litecoin holdings in the last 24 hours as the New York-based firm continues to load up on blue-chip cryptocurrencies in the midst of a raging bull market.
The great LTC comeback
LTC has performed incredibly well in the ongoing bull market but has lagged its top-ten peers. While the coin has reached a multi-year high at $240, LTC has yet to conquer its highest daily close above $350. For weeks, LTC has printed a bullish divergence against BTC, per the Relative Strength Index (RSI) below.
Should prices continue to increase throughout the year, the conditions are set for the 10-year old asset to outperform bitcoin in US Dollar terms, potentially for the next couple of weeks.
Grayscale Crypto holdings surge
The asset manager has accelerated its accumulation of cryptocurrencies since the start of the year, starting the year with $20 billion assets under management (AUM). The company mentioned in its latest Q4 2020 report that institutional investors accounted for over 90% of inflows last year.
Ethereum is the second-biggest crypto holding as the firm has 3.15 million ETH under management totalling $5.85 billion in accrued value. The Grayscale purchased 20,095 ETH worth nearly $38 million in the last 24 hours.
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The asset manager bought 75,000 Ethereum in the last 7 days.
Despite having terminated its XRP Trust after the SEC’s lawsuit against Ripple, Grayscale has rapidly increased its accumulation of several other cryptocurrency assets including LTC.
In fact, the New York-based firm bought 740 LTC in the last 24 hours, with the total value of the firm’s LTC holdings corssing $328 million. Grayscale has more than 1.39 million LTC under management.
Last week, the company filed to register a new cryptocurrency trust for decentralised finance platform Yearn Finance (YFI).
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