The coin was unable to make a new high for the year, but Litecoin was able to scale new heights for 2021 with the coin trading at $260 on the week.
For Litecoin, the cryptocurrency was boosted by news of a new investment product with CoinShares revealing that a physically-backed LTC would be launched on April 6th, 2021. The exchange-traded instrument will trade with the LITE ticker and offer institutional investors access to Litecoin. The ETF will be initially listed on the SIX Swiss Exchange. A CoinShares spokesperson said of the launch:
“As demand for digital assets amongst the traditional investment community steadily increases, we are starting to see the green shoots of demand for investment exposures outside of the top two dominant networks.”
Big corporations were moving heavily into Bitcoin, but they are now looking outside of the coin in order to find value in other coins.
There is still institutional interest in Bitcoin with State Street, the second-oldest bank in the US releasing a “bank-grade” level platform for digital assets. The company has over $3 trillion in assets under management and will launch its platform later in the year.
LTC Follows BTC’s Lead
Litecoin’s price pulled back from the highs in February but has now rallied again to new highs for the year. The coin will follow Bitcoin’s lead in the near term, but Liecoin could see its own gains further down the line as new institutional volumes come into the coin. The all-time high for LTC is at $369 and that would be the target for further gains if the bull market continues.
Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.