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Litecoin price recovery likely fueled by Grayscale, 50% increase in transactions



  • Litecoin price is likely to begin its post-halving recovery with two catalysts in the crypto ecosystem.
  • Grayscale’s win against the SEC and the massive surge in Litecoin transactions on the crypto payment processor BitPay could fuel a recovery.
  • Nearly 5 million addresses have held Litecoin for over a year, showing confidence in the current market conditions.

Litecoin network’s long-term holders continue to show confidence in the altcoin despite the price drop post-halving. A recovery in the altcoin is likely in the presence of recent catalysts in the crypto ecosystem.

Litecoin price trades for $67.77 on Binance at the time of writing. The altcoin has yielded a 4.58% gain for holders over the past week. 

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

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.