#Litecoin is the new ATH Coin?
Open interest on Litecoin futures hit a record $584 million.
Litecoin (LTC) might be 60% below its December 2017 all-time high at $420, but that hasn't stopped its futures contracts open interest from reaching a record $584 million. This makes LTC the seventh-largest cryptocurrency by market capitalization and it ranks third in derivatives, behind Bitcoin (BTC) and Ether (ETH).
LTC futures aggregate open interest increased by 285% over the past three months. One should keep in mind that such an event is not necessarily positive since futures contracts require both a buyer (long) and a seller (short). Nevertheless, this increasing interest allows even more substantial players to participate.
Another interesting development is the recent Chicago Mercantile Exchange (CME) Ether futures contract listing serving as indication that other cryptocurrencies might follow suit soon.
Litecoin is the third-largest holding on the Bitwise 10 Crypto Index Fund (BITW), and the assets under management in this fund recently surpassed $780 million.
Grayscale Litecoin Trust (LTCN) also adds another $210 million worth of assets under management issued initially to institutional investors. These growing figures provide clear evidence of Litecoin’s potential.
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