Litecoin rises 16% after CoinShares launched an LTC-based ETP
Litecoin was among the best performing altcoins this week, making gains of more than 20% in the last seven days. The LTC bulls managed to break through several barriers along the way as they have now reached the recently reached local peak.
Litecoin is up 16% in the past 24 hours, pushing its price up to $ 242.17, as of press time. It safely maintained its position as the ninth largest crypto asset by market capitalization on the leaderboard. Is there room for more profit?
Litecoin (LTC) 24-hour chart:
The cryptoasset was now at a crucial stage. While the LTC was still below its all-time highs, the latest attempt to aim higher was accompanied by major milestones on both the institutional and development sides.
Returning to the daily chart, the Bollinger Bands diverged abruptly on April 5 causing a phase of high volatility in the Litecoin market. This could usher in a possible rally to its peak that was last seen in January 2018.
The Relative Strength Index (RSI) was also heading into the overbought zone which represents the increased buying appetite in the market. It was indicative of the fact that there is still room for a higher leg.
Looking at the bigger picture, the altcoin market has rebounded significantly. The same cannot be said for Bitcoin, whose price stalled below $ 60,000. Its silver counterpart, however, has been on the rise since last week. So what is behind the cool force?
ETP Litecoin by CoinShares
However, the latest increase coincided with a major European investment company in digital assets, the CoinShares announcement to launch a physical backed Litecoin ETP.
The new ‘CoinShares Physical Litecoin’ appears under the ticker symbol LITE. At launch, each unit of Litecoin ETP is backed by 0.2 LTC. Basically, this offers investors in the market a 'passive exposure' to the native token of the LTC network.
The new investment product, which happens to be CoinShares' third physically backed publicly traded product offering, will first be listed on Switzerland's regulated cryptocurrency exchange called SIX Swiss Exchange with a base fee of 1.50% per annum.
Following development, Chief Revenue Officer Frank Spiteri commented:
"COINSHARES IS THE LEADER IN CREATING NEW WAYS OF ACCESS TO THE DIGITAL ASSET ECOSYSTEM FOR INVESTORS, AND LITE IS THE NEXT STEP ON THE PATH TO BRING A MORE COMPLETE AND DIVERSIFIED ETPS OFFERING TO THE MARKET."
In another related development, Litecoin founder Charlie Lee joined BTCS Inc, the company focused on digital assets and blockchain technology, as the most recent independent member of its Board of Directors on April 5.
If you are interested in this project and want to be informed of everything that happens, visit our News section about Litecoin