Bitcoin continues to lead the massive growth of the cryptocurrency space, as the largest cryptocurrency by market cap remains the toast of many investors. However, many altcoins like Litecoin, with a market cap of at least $25 billion and currently ranked as the ninth-largest cryptocurrency, have started to interest investors. However, investors are not the only ones interested in the altcoin, as London-based ETC Group have now announced that the altcoin will join the list of physically exchange-traded products (ETP) on the German digital stock exchange- Deutsche Börse Xetra.
Duke believes the demand for crypto will hurt traditional markets
In the firm’s official announcement, which has been credited with listing the first crypto ETP on the German digital stock exchange, they confirmed that the physical Litecoin- ELTC would launch on the Deutsche Börse Xetra on the 14th of April, 2021. However, in their statement, they have now confirmed that, despite its proposed launch date scheduled for next week, they will need trade approval from Germany’s Federal Financial Supervisory Authority to launch next week fully.
ETC Group CEO- Bradley Duke believes that since the COVID-19 global pandemic of 2020, which had resulted in a downfall of many economies, the world had taken a second look at digital assets, with many investors starting to prefer them over traditional assets like equities and bonds. Duke believes that this has been the reason behind a surge in demand for cryptocurrency-related assets, and he does not see the surge in demand change anytime soon.
However, Duke believes that the impact of such change in fortunes will only mean that the traditional assets’ demands will slow down a bit, as the digital market will take over. Unlike the launch of the first cryptocurrencies on the digital stock exchange, Duke confirmed that this new launch was propelled by high demands for Litecoin by many retail and institutional investors.
ETC Group promises to continue to promote other altcoins
The launch of ELTC represents the third ETP launched by the group on the digital stock exchange. The European group has previously launched a Bitcoin product last year, much to the delight of many Bitcoin investors who were thrilled with the product. In the same vein, they launched an Ethereum ETP last month, reported to have been met with much fanfare by the Etherum community.
The Ethereum ETP was reported to have amassed more than $1 million in revenue, much to the group’s delight. However, the proposed launch of a Litecoin ETP is now set to be the latest crypto ETP of the group, as they have plans in their pipeline to launch ETPs for other altcoins soon.
According to Duke, he believes that crypto is the future, and he doesn’t see anything that will change for now. However, the words of Duke have aligned with that of many analysts, who are optimistic about the future of the cryptocurrency market. Fortunately, Duke and ETC Group are spearheading a significant contribution to that belief, much to the crypto community’s delight.