Litecoin [LTC] has seen some handsome gains over the past several weeks. Thanks to the continued bullish momentum, the cryptocurrency has now climbed to be the third-largest spot with respect to crypto holding by Grayscale Investments, which happens to be the world’s leading crypto asset management.
Grayscale Litecoin Trust’s [LTCN] AUM was found to be at $74.8 million trailing behind Grayscale Bitcoin Trust [GBTC] at $10,821 million and Grayscale Ethereum Trust [ETHE] at $1,722 million. As LTCN steadily increased, it surpassed Grayscale Ethereum Classic Trust [ETCG] to secure the third position.
Litecoin Demonstrates Bullish Momentum As It Breaks Several Barriers
First launched in March, Grayscale Litecoin Trust became publicly available in August of this year. Prior to this only accredited investors were able to participate in it. Thanks to the price appreciation of the underlying cryptocurrency, LTCE scored massive investments’ inflow in the third quarter of the year, 1,800% to be specific.
This news comes a month after reports of Grayscale’s Litecoin Trust attracting massive capital inflows emerged. As noted above, the reason for this could be attributed to the positive price action of LTC/USD. Litecoin has been on a bullish spree along with Bitcoin [BTC] and its peer altcoins this season. It surged all the way to the fifth spot on the cryptocurrency ladder blasting past Bitcoin Cash [BCH] as well Chainlink [LINK].
At the time of writing, LTC was being traded at $81.33.
Reportedly, Grayscale’s Litecoin Trust was found to be trading with a significant premium to spot prices. To top that, LTCN Premium recently scaled above 2300%. This level was recorded as the highest among the Grayscale products.
This positive momentum essentially indicated that market participants, investors, hedge funds, were eyeing to increase their LTC exposure.
Record For Grayscale
With this, Grayscale Investments has become the fastest growing asset manager. It has crossed a whopping $13 billion in assets under management [AUM] on the 15th of December. It has managed to add $1 billion worth of inflows in less than a month, benefiting from the revival of the cryptocurrency industry.
The platform had earlier reported that it had $12.1 million in AUM just a couple of days ago.
Barry Silbert, the CEO of Grayscale’s parent company Digital Currency Group, tweeted,
“Record AUM for Grayscale…$13 billion. Grayscale AUM on Nov 1: $7.6 billion Grayscale AUM today: $13.0 billion”