Grayscale Adds 174,000 LTC to Its Litecoin Holdings- Price of the Altcoin Unresponsive – Altcoins Bitcoin News

Grayscale reportedly added 174,000 tokens to its Litecoin holdings over the past month. This transport increased his total stock of altcoins to 1.44 million. Following this acquisition, which accounts for 80% of all Litecoin mined last month, the total value of Grayscale’s altcoin holdings is now just over $ 248 million.

However, after the major acquisition by Grayscale Investments, LTC’s price movement appears to have nothing to do with changing supply dynamics. For example, Messari data shows that the altcoin only passed the $ 200 mark between February 12 and February 22. However, since then the price has returned to levels below $ 200, with February 25 being the only exception. At the time of writing, the token was trading at just over $ 190.

Grayscale expands its Litecoin holdings by 174,000 LTC - Altcoin price is unresponsive

Meanwhile, some users on Twitter are questioning the altcoin’s failure to pump after the massive Grayscale purchase. For example, a Twitter user, Carolyn Bamberger, asks why the price hasn’t pumped. In response, the Litecoin team said:

Large orders like this are usually bought over an OTC counter so as not to impact the market immediately. Some speculate that this could delay the supply shock.

Still, other users are not convinced by this explanation, while some proponents believe that prices will spike soon.

Grayscale expands its Litecoin holdings by 174,000 LTC - Altcoin price is unresponsive

Meanwhile, according to the Litecoin team, Grayscale added over 243,000 ETH over the same period. This addition meant that as of March 1, 2020, Grayscale owned a total of 3.17 million ETH tokens valued at around $ 4.86 billion.

In contrast, only 7,169 BTC were added to Grayscale’s largest holdings, bringing the investment company’s total holdings of the crypto asset to over 655,640 bitcoins.

What do you think of Grayscale’s purchase of LTC? Let us know what you think in the comments section below.

Photo credit: Shutterstock, Pixabay, Wiki Commons

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