Grayscale Litecoin Trust (LTCN), after over a month, finally witnessed some gains as LTCN rose by 32.39% today.
There are 2 reasons for this rise. First of which is that yesterday, during the Darlington raceway, racer Landon Cassill, a crypto enthusiast himself, became the first driver to be paid entirely in crypto, specifically in Litecoin.
Secondly, LTC crossing $200 once again, is a huge milestone. Moreover, it still continues to rise, placing the 7-day gains at 34.72%. As a result, not only institutions, but also retail investors are drawn to Litecoin.
As for investors, apart from these abovementioned reasons, Litecoin’s good stats is a driving factor in itself. Low volatility (58%) of the altcoin keeps the price safe from random fluctuations. And a high correlation to BTC (0.97) continues to sustain the asset’s strong value.
In addition to this, Liveliness is at its 4 month low which shows that LTC is also a part of the accumulation trend. Old coins being destroyed has come down as dormancy seems to be setting in. This bullishness is also boosted by the 4-month high of the MVRV Ratio, making LTC a preferable altcoin for big and small investors.
However, figures aside a huge contributor to Litecoin’s adoption is also the fact that over the years it has been relatively stable. So if you are looking for a good investment opportunity, Litecoin seems to be making a strong case.
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