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LTC, the seventh largest cryptocurrency by market cap of $ 5.85 billion, is enjoying some gains alongside the rest of the cryptocurrency market.
With the bulls back in full swing, LTC also managed to reap 19.45% gains in the past week and 54% in the past 30 days.
At the time of writing, LTC / USD was trading below $ 90, a level last seen in August 2019.
The initial push to LTC came from PayPal when the online payment company allowed its millions of customers to buy, sell and hold cryptocurrencies, including Litecoin (LTC), Bitcoin (BTC), Bitcoin Cash (BCH) and Ethereum ( ETH).
Amid this 15-month high, PayPal CEO Dan Schulman said cryptocurrencies will become more like the currency. Being used as a potential financing tool, they will become less volatile and become more useful in everyday purchases. He said:
“Early next year, we will allow cryptocurrencies to be a source of funding for any transaction taking place across all 28 million of our merchants.”
Recently, Litecoin has even overturned Bitcoin Cash not only in terms of market cap but also as part of grayscale holdings. While BCH’s latest earnings push it up to fifth position with a market cap of $ 6.28 billion, Litecoin Trust in grayscale holds even more funds at $ 70.7 million than Bitcoin Cash Trust’s $ 54.8 million in grayscale assets under management (AUM).
Interestingly, this question causes Litecoin Trust to trade grayscale at a price above the NAV of 3193%, according to Vetle Lunde, analyst at Arcane Research. A few days ago, this premium was over 4,000%, an increase that started just this month, most likely due to PayPal news.
This means that those who are investing in Grayscale’s LTCN stock in the secondary market “actually buy LTC at an implied LTC price of $ 2750”.
This price was 637% higher than LTC’s all-time high of $ 373 in December 2019.
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