- Grayscale launches five new products including BAT, LINK, MANA, FIL, and LPT.
- The price of all five cryptocurrencies has instantly exploded to new highs.
- Grayscale is the biggest cryptocurrency asset manager with over $30 billion in Assets Under Management.
According to an announcement by Michael Sonnenshein, CEO of Grayscale, the platform has added 5 new products that include Basic Attention Token, Chainlink, Decentraland, Filecoin, and Livepeer for institutional investors.
ANNOUNCEMENT: 5 new products have been added to the @Grayscale line up!
— Michael Sonnenshein (@Sonnenshein) March 17, 2021
Basic Attention Token $BAT
Chainlink $LINK
Decentraland $MANA
Filecoin $FIL
Livepeer $LPT
Interested? https://t.co/YfK2YUKgCj pic.twitter.com/jLqDph4MEH
Grayscale has invested over $20 billion in Bitcoin alone, but also supports other products like Zcash, Stellar, or Litecoin and has just added five new ones. The management firm has seen massive growth in the past several months, increasing by 50% in just the first five weeks of 2021.
Supported cryptocurrencies see massive price explosions
Chainlink, which is already the 10th largest cryptocurrency by market capitalization had an instant 9% breakout, slicing through several resistance levels and reaching a high of $30.18 with a massive spike in trading volume.
LINK/USD 1-hour chart
Basic Attention Token (BAT) had an even larger breakout of about 19% despite a previous rally from March 16 that pushed the digital asset by more than 60% within 24 hours. BAT is currently trading at $1.11 after the spike.
BAT/USD 1-hour chart
Decentraland price had a 25% spike but remains in a downtrend on the 1-hour chart. The digital asset exploded from a low of $0.84 to a high of $1.05 within 1 hour of the announcement.
MANA/USD 1-hour chart
Surprisingly, Filecoin price had a 10% breakout despite the recent 38% rally in the past 24 hours. The digital asset has reached new all-time highs at $75.
FIL/USD 1-hour chart
Livepeer is certainly the most surprising addition as it is a fairly unknown cryptocurrency which only had $100 million market capitalization recently. The announcement boosted LPT price to new all-time highs at $13.4, rising by 100% within 1 hour.
LPT/USD 1-hour chart
The rationale behind the addition of the five new products is not known yet, especially Livepeer which was not a popular cryptocurrency asset at all.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction
The SEC says it has jurisdiction to bring Justin Sun to court as he traveled extensively to the US. Sun asked to dismiss the suit, arguing that the SEC was targeting actions taken outside the US.
XRP fails to break past $0.50, posting 20% weekly losses
XRP trades range-bound below $0.50 for a sixth consecutive day, accumulating 20% losses in the last seven days. Ripple is expected to file its response to the SEC’s remedies-related opening brief by April 22.
ImmutableX extends recovery despite $69 million IMX token unlock
ImmutableX unlocked 34.19 million IMX tokens worth over $69 million early on Friday. IMX circulating supply increased over 2% following the unlock. The Layer 2 blockchain token’s price added nearly 3% to its value on April 19.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?