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The amount of institutional interest in Litecoin is increasing. While it is commonly referred to as the “silver” to Bitcoin’s gold, that narrative is changing. Litecoin appears to be standing on its own, as both institutional and individual investors begin to see promise in it.
Grayscale Litecoin Trust (LTCN) had its first gains in almost a month today, rising 32.39 percent.
This increase can be attributed to two factors. The first is that racer Landon Cassill, a crypto fan himself, became the first driver to get paid solely in crypto, namely in Litecoin, yesterday at the Darlington raceway.
Second, LTC’s re-crossing of the $200 mark is a significant achievement. Furthermore, it is still rising, with a 7-day gain of 34.72 percent. As a result, Litecoin is attracting not only institutional but also ordinary investors.
Apart from the factors listed above, Litecoin’s good statistics are a driving factor for investors. The altcoin’s low volatility (58 percent) protects the price from random movements. Furthermore, the asset’s strong value is supported by a high correlation to BTC (0.97).
Furthermore, Liveliness is at a four-month low, indicating that LTC is also part of the accumulation pattern. As inactivity appears to be settling in, old coins are being destroyed. This optimism is bolstered by the 4-month high of the MVRV Ratio, which makes LTC a prefered altcoin for both large and small investors.
Aside from the stats, a significant component to Litecoin’s acceptance is the fact that it has been reasonably steady over the years. So, if you’re seeking for a decent investment opportunity, Litecoin appears to be a viable contender.