Litecoin (LTC) expects a significant price augment due to the huge buying pressure from institutional investors such as Grayscale. A recent analysis by cryptanalyst 28 Crypto also showed that Litecoin is poised to enjoy significant price increases.

Grayscale adds 10,000 LTC to its portfolio

WX (formerly Twitter) fastingCryptocurrency commentator Bamboo shared data from cryptocurrency data analysis platform Coinglass, showing that Grayscale recently added 10,000 LTC to his wallet. Next data Coinglass shows that the asset manager currently holds 1.86 million LTC ($122 million).

Due to this development, Bamboo called on the cryptocurrency community to pay attention to Litecoin “before the pain reaches its maximum level and [the] price is skyrocketing” and pricing them all in. The cryptocurrency analyst added that Litecoin is likely initiate a rally for the cryptocurrency market, as was the case in the past.

It is worth mentioning that Grayscale’s Litecoin holdings are the underlying assets of its Grayscale Litecoin Trust (LTCN), which offers institutional investors exposure to crypto assets. As such, the growth in Grasycale’s Litecoin holdings indicates increased demand for crypto among institutional investors.

This is undoubtedly bullish for Litecoin, given the impact that increased demand for the cryptocurrency among institutional investors has had on its price. Furthermore, the existence of closed-end funds like LTCN that offer institutional investors could eventually pave the way for the launch of a Spot Litecoin ETF, which would ultimately result in more liquidity flowing into the Litecoin ecosystem.

Meanwhile, data from the market analysis platform IntoTheBlock, it appears that other Litecoin Whales in addition to Grayscale, they are accumulating cryptocurrency. There has been a noticeable augment in the number of LTC coins held by these whales. Additionally, investors who hold between 0.1% and 1% of Litecoin’s circulating supply have also increased their holdings over the past thirty days.

Litecoin price is ready to breakout

Cryptocurrency analyst 28 Crypto revealed in Posts X that Litecoin is breaking through Bitcoin on the daily time frame. Cryptocurrency analyst notes how bullish it looks Litecoinconsidering it has experienced a “very long” downtrend against Bitcoin.

IN answer to the imitator, cryptocurrency analyst also mentioned that a breakout is also coming on the weekly time frame and stated that Litecoin will rise higher than they can imagine. Interestingly, 28 Crypto has previously mentioned that Litecoin will outperform all major cryptocurrencies, including Bitcoin and Ethereum.

Cryptocurrency analyst Joao Devesa provided insight into how high Litecoin it will augment if it manages to break through, stating that it will rise to $ 100. The last time Litecoin reached this price level was in April of this year, when it reached $ 103.

At the time of writing, Litecoin is trading at around $67, up more than 1% in the past 24 hours, according to data data from CoinMarketCap.

Featured image created with Dall.E, chart from Tradingview.com