Litecoin (LTC) has gone up by nearly 13% in the past week while most cryptos have booked some strong losses as the market has taken a breather from last month’s rally.
Trading volumes in the past 24 hours have nearly doubled as the token reached $128 at some point during the session. Thus far, LTC has booked a 3.4% gain during this period while most other cryptos of its size are in red territory.
Today’s uptick could be fueled by an announcement from MEI Pharma where they confirmed that they had officially set up a Litecoin (LTC) treasury worth $110.4 million after acquiring $100 million worth of the asset at an average price of $107.58.
At the time of writing, that transaction alone has produced unrealized gains of nearly $13 million.
MEI Pharma is the first publicly traded corporation to set up an LTC-based crypto treasury. Other companies like Michael Saylor’s strategy have chosen Bitcoin (BTC) as their treasury assets, while BitMine Immersion Technologies (BMNR) is the largest ETH holder among publicly traded companies with a $2.9 billion treasury.
This is an interesting trend that adds to the credibility of cryptos as potential stores of value and long-term investments as corporate players are loading up a significant amount of tokens from projects that just a few years ago were considered a hoax.
Meanwhile, LTC could be first in line to get an exchange-traded fund (ETF) approved by the U.S. Securities and Exchange Commission (SEC) as its blockchain design is quite similar to that of Bitcoin.
In essence, Litecoin is a Bitcoin hard fork that offers a more scalable architecture that can support faster and cheaper digital asset transfers.
Litecoin Eyes $140 Despite Rejection of Key Trend Line Resistance
Today’s price action briefly broke above an ascending price channel that has already been tagged three times – confirming its relevance to market participants.
The price recently retreated to the $105 level upon hitting the upper bound of the channel and the price has rejected a move above this technical pattern once again during today’s session. This is a bit alarming as it seems that selling pressure is quite strong once the price gets to $120.
The token’s outlook is bullish as long as it can move above $120 in the next few days. Meanwhile, if another rejection of this trend line resistance occurs, the price could drop to $105 once again.
If we get a clean break above the trend line, the next stop would be the $140 – $145 area, which would offer a 20% gain at least, depending on the entry price.
In the meantime, a new project is working to foster a new era for Bitcoin’s DeFi. Bitcoin Hyper (HYPER) has rapidly become one of the best crypto presales of the year as the project has raised nearly $7 million in just a few weeks to launch its Solana-based Bitcoin L2.
Bitcoin Hyper (HYPER) Is Building Bitcoin’s Future With Solana’s Help
Bitcoin Hyper (HYPER) is a layer-2 chain built on Solana that will allow BTC holders to earn yield, stake, and lend their tokens without leaving the Bitcoin mainnet.
A canonical address has been designated to receive BTC tokens and send them to the Hyper L2 via the Hyper Bridge.
Once the corresponding amount of BTC has been minted on the Hyper L2, users will be able to access DeFi applications that allow them to generate passive income from their investment. By leveraging the scalability and efficiency of the Solana blockchain, this could be the beginning of a new era for BTCFi.
Once top wallets and exchanges start to adopt Bitcoin Hyper, the demand for its utility token $HYPER will skyrocket.
You can buy this token early to reap the highest returns by visiting the Bitcoin Hyper website. Just connect your wallet and swap ETH, USDT, or SOL, or use a bank card to invest.
