Litecoin [LTC], the 7th biggest cryptocurrency in the market, was recently listed on Gemini, one of the leading cryptocurrency exchange platforms around the world. The announcement has stirred up the whole Litecoin community, with the creator of Litecoin, Charlie Lee joining the bandwagon.
Charlie Lee stated that with the coin listed on Gemini, all the prime Bitcoin exchanges now provide trading services for the cryptocurrency. Moreover, the Managing Director of Litecoin Foundation stated that ever since the failure of Mt. Gox in the year 2014, his quest was to ensure that the coin was listed on exchanges with the focus being on increasing the liquidity.
He said on Twitter:
“Ever since MtGox announced Litecoin support in 2013 and failed to deliver, I’ve been on a mission to get LTC added to exchanges to help increase liquidity. With the launch of LTC on Gemini today, every single major Bitcoin exchange supports Litecoin. Mission accomplished!”
Mt. Gox was the biggest Bitcoin exchange platform in 2013. Along with Bitcoin [BTC], the exchange had listed top coins in the market including Litecoin. The exchange continues to be popular because of its hack which resulted in the compromise of around 7% of the exchange’s BTC. Following the hack, the exchange tumbled in the market within a few months and is currently undergoing legal proceeding to pay back the creditors.
Nova, a Twitterati said:
“Instead of liquidity you should be working towards adoption. Smfh. The community is shouting Pay With Ltc and you are out here looking for exchanges lol da faq?
#ltc #litecoin @SatoshiLite have you not realized the value of Ltc falls every time you add an exchange. Stop ‘helping'”
Moreover, BlockFi, a company offering credit backed by cryptocurrency, announced they will be providing loans backed by Litecoin [LTC] and Gemini stable coin [GUSD], marking this as another step towards adoption.
Recently, the coin went live on Robinhood, a brokerage and cryptocurrency platform, with $0 commission. Succeding the launch of the cryptocurrency on the platform, Charlie had stated that the interface of Robinhood was “really slick” and that it was a great way to “get exposure for LTC price movements”. In addition, the coin got support from Bittrex, one of the leading exchange platforms, as the coin was open for trading in the USD markets.
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Fall in Bitcoin’s market dominance may be correlated to the fortunes of the altcoin market
The trends set by virtual assets have always highlighted the cryptocurrency market’s inherent volatility and spontaneity. Prices lack symmetry and rarely exhibit consistent growth as different factors come into play to dictate an asset’s valuation.
At press time, the world’s largest crypto, Bitcoin, had stormed past the $11,000 mark and was consolidating to push for a surge over $12,000. The rest of the altcoin market however, apart from one or two minor hikes here and there, has been relatively quiet after collectively surging in the early part of the year.
At the beginning of 2019, a significant number of crypto-assets performed significantly well in a group, wherein most assets demonstrated a prominent hike in their values with little to minor price corrections.
A majority of tokens doubled their valuation until Bitcoin breached the $6,600 resistance. Subsequently, altcoins failed to keep pace as Bitcoin continued to test more resistance limits in the market.
At present time, Bitcoin enjoyed an unprecedented 62 percent dominance in the cryptocurrency market. As its dominance primes itself to climb over the 63 percent mark, many in the community speculate this could be red flags for the altcoin market.
Major cryptocurrency enthusiasts and analysts have stated that altcoins could significantly capitulate if it so happens. However, past events offer a sliver of hope for the altcoin market.
According to CoinMarketCap, the altcoin market has been significantly affected whenever BTC’s dominance has fallen. During the bull run of 2017, Bitcoin enjoyed a dominance of 65 percent and the global market cap hit a value of $402 billion. However, in January 2018, when BTC dominance plummeted, the global market cap peaked at around $710 billion. The dominance was down by half, whereas the global market cap had almost doubled.
A major reason for the same was money funneling into other altcoins after witnessing a shift in momentum from Bitcoin to the rest of the crypto-market. The present market situation may take a similar path once BTC’s dominance falls, opening the door for other virtual assets to take advantage of the scenario.
However, the present rise of BTC is backed by much more certainty than the bull run of 2017. Hence, a repeat of the January 2018 period may be unlikely, and will happen if and only the market sentiment shifts gears drastically towards altcoins.
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