Litecoin price could recover with these two bullish catalysts
Grayscale, a digital asset management company, landed a historic win against the US Securities & Exchange Commission (SEC), acting as a catalyst for altcoins in the #crypto ecosystem.
The asset manager’s victory in the spot Bitcoin exchange-traded fund (ETF) case fueled #bullish sentiment among investors in the crypto ecosystem with top-ten assets yielding gains for holders overnight.
Grayscale’s win is, therefore, likely to act as a catalyst for #Litecoin’s recovery. #LTC ranks 15th in terms of market capitalization among cryptos.
IntoTheBlock, an on-chain data intelligence tracker, observed that nearly 5 million addresses have held #Litecoin for over a year. This is double the count from last year’s 2.55 million and signals rising confidence among LTC holders.
Litecoin addresses by time held as seen on IntoTheBlock
Alongside confidence from long-term holders, there has been a notable increase in LTC transactions, according to crypto payment processor BitPay. Litecoin has seen a 50% increase in the percentage of use on BitPay, between spring and summer.
The above developments are likely to catalyze a recovery in the altcoin. At the time of writing, Litecoin price is $67.77, and the asset has yielded 21.548% gains for holders over the past year.