Grayscale’s Latest Move: Adding 32K LTC as Litecoin Emerges as Top Payment Crypto

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  • BitPay reports Litecoin as the most used cryptocurrency for payments in the U.S. in Q1 2024.
  • Despite Grayscale’s large purchase, Litecoin’s market did not react, likely due to the over-the-counter transaction nature.

Grayscale Investments recently acquired 32,000 Litecoin (LTC) coins, adding to its Grayscale Litecoin Trust on April 16. The purchase, valued at approximately $2.3 million based on the current market price of LTC, increased the trust’s total assets under management to $132 million.

According to CoinGlass, this purchase increased Grayscale’s holdings from 1.62 million to 1.65 million LTC coins.

This investment coincides with a noticeable increase in Litecoin’s use as a payment method. Data from Binance Pay indicates that Litecoin’s transaction count on the platform grew by 130% year-over-year. 

Additionally, a recent report from BitPay identified Litecoin as the most frequently used crypto for payments in the U.S. during the first quarter of 2024. The report noted that Litecoin had the highest average transaction count among cryptocurrencies, exceeding 126,000, and surpassing Bitcoin and Ethereum.

Despite Grayscale’s purchase of LTC, there was no immediate impact on the market. This lack of reaction is likely due to the nature of the transaction, which occurred over-the-counter (OTC). OTC transactions typically do not affect the trading volumes seen on centralized exchanges.

A trader known by the pseudonym “Crash” has linked Litecoin’s performance to Bitcoin’s market cycles, suggesting potential for substantial returns.

#Litecoin is at $79 right now

while ppl chase a 7% return in the stock market

LTC hits $370+ every cycle

and it spends plenty of time around $100

thats a 21% return at only $100 LTC

lulzzzzz

imagine the young generation out here investing in stocks

are u fucking stupid… pic.twitter.com/WR9RhNBlQL

— Crash (@CrashiusClay69) April 17, 2024

They highlighted that Litecoin often reaches over $370 in peak market cycles and emphasized its previous performance around the $100 mark.

 

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