In the last couple of weeks, Litecoin has been gaining massive traction, as the 6th largest cryptocurrency recently broke its $80 mark, hitting $87 and $100 over the last two days, and has since become the first altcoin to break above major resistance.
Concomitant with Litecoin’s steady bull run, crypto investing services company Grayscale Investments has also announced a structure change of its Digital Large Fund (DLC), as the firm sees a significant increase of its total Litecoin fund from 1.8 percent to 3.3 percent. This accounts for roughly 83.33 percent increase, marking the largest monetary change among all the altcoins held by Grayscale Investment.
Explaining the company’s DLC structure change, Grayscale Investments and Digital Currency Group CEO & founder Barry Silbert highlighted his bullish view on cryptocurrencies in general, positing that digital currencies will ultimately gain all the investments placed in gold in the next few years.
As Silbert noted during a previous CNBC interview published February:
“I’m convinced that whatever money is in gold is not going to stay in gold. That gets handed down to millennials – I’m highly confident a lot of that will go into bitcoin.”
As Litecoin makes significant headway, assorted Litecoin-based products have also begun trading on European regulated exchange Nordic Growth Market, a Boerse Stuggart subsidiary owned by Coin Shares. On April 5, the Capital market company has started launching a number of crypto offerings, including Amun AG’s ETF.
As Coin Shares CEO Ryan Radloff explained in a recent press release:
For traditional investors who are interested in trading, and already have accounts with brokers such as Avanza or Nordnet but may not care to set up accounts with new, often unregulated crypto exchanges, two new crypto assets are now available. This is another important step in the professionalization of the infrastructure around this asset class.
For some time now U.S. crypto trading platforms have been exploring launching cryptocurrency-based exchange-traded funds (ETFs), among which includes VanEck SolidX, which has been attempting to launch its own Bitcoin ETF since March 2017.