Bitcoin Valued for $11,600 on Grayscale Bitcoin Investment Trust

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Bitcoin Valued for $11,600 on Grayscale Bitcoin Investment Trust

Even though Bitcoin price went through small decline throughout the past 24 hours, it seems that it didn’t bother Grayscale Bitcoin Trust (GBTC) that currently trades at $11.44 per share, putting the price of Bitcoin upwards of $11,600. Is this a signal that institutional interest is mounting up or just a coincidence?

Often spoken of as the digital gold, Bitcoin aims to replace its tangible equivalent and is certainly doing so when portfolios are scrutinized.

To add on to the market sentiments shifting towards the crypto-sphere regarding the Grayscale’s marketing team, several top institutions are looking to #DropGold. Wells Fargo officially stated via John LaForge, the company’s Head of Real Asset Strategy, that gold is in a “dull period.”

LaForge said that cryptocurrencies may not be to blame for gold’s lackluster performance, as digital coins are still a relatively new asset.

Grayscale Digital Assets Fund really helped Bitcoin’s portfolio with spearheading the campaign to convince investors on the institutional front to #DropGold and invest in Bitcoin, which is gaining momentum with every bullish BTC cycle.

Grayscale’s GBTC Trading at 37% Premium

After achieving $1 billion in AUM in less than two months, Grayscale also achieved $2 billion in short succession. Grayscale operates some of the most widely utilized crypto asset investment vehicles used by accredited and institutional investors to invest in the crypto market in a strictly regulated and transparent environment.

In a 28 May update regarding the investment firm’s holdings per share and net assets under management for both their Single Asset Products and their Diversified Products, Grayscale stated that their Total AUM valued $2.1 billion ($2.072 billion considering both single and diversified products). Single Asset Products notched $2.05 billion while Grayscale’s Digital Large Cap Fund had an AUM of $18.4 million.

We will just mention that just during the April month, Bitcoin price surged 60 percent against the dollar to around $8,500 as the valuation of the crypto market rose by $100 billion.

Following prominent top cryptocurrencies as Bitcoin, Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC), Stellar Lumens (XLM), XRP, and Zcash (ZEC), Grayscale saw an average daily change of over 11 percent for the aforementioned trust.

The Digital Silver Trust, LTC, saw the highest day change of 18.35 percent owing to the August halving bulls pushing the coin over $100. Ethereum Classic, XRP and Zcash, each saw their trust’s day change soar over 13 percent, as altcoins rode the BTC bullish wave. Bitcoin Cash despite reclaiming its fourth spot on the coin ladder saw the least change among top cryptocurrencies, at 6.03 percent.

Bitcoin, unsurprisingly, has the highest AUM, at $1.97 billion, while the remaining $82 odd million is divided between the altcoins. The top altcoin in Grayscale’s offering is the ETC trust, at $41.3 million, followed by Ethereum, Zcash and Bitcoin Cash at $13 million, $11.3 million and $6.7 million respectively.

Major crypto assets such as Ethereum, Litecoin, and EOS have seen gains above 100 percent year-to-date, with Binance Coin, the seventh most valuable crypto asset in the global market, recording a staggering 437 percent gain against the USD.

Last week we didn’t have a lot of turmoil. Bitcoin traded relatively flat. However we can see the crypto industry is growing at a rapid rate (again). What we have seen was AT&T revealing that they will accept Bitcoin payments.

Shares of the Grayscale Bitcoin Investment Trust (GBTC) have increased majorly in their price throughout the past month. Unlike regular cryptocurrency exchanges where the price topped at around $8,900, GBTC saw its shares soar up to $11.44 at the time of this writing.

Bitcoin Valued for $11,600 on Grayscale Bitcoin Investment Trust

Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries.

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