On 12th September, a New York-based cryptocurrency platform, Gemini Exchange commented on a request written by a Twitter user on one of its posts. Here, the user inquired about the listing of Litecoin [LTC] on Gemini. To this, the official Twitter handle of Gemini Support replied, stating that it is soon to bring LTC to its platform. Gemini wrote:
“We hear you! LTC is on it’s way, we’ve already received regulatory approval to list, and we will be sure to let everyone know once it’s available for trading.”
Gemini exchange was founded in 2014 by the Winklevoss brothers, namely, Cameron and Tyler Winklevoss. Recently, the twins launched the native cryptocurrency of the platform called Gemini Dollar [GUSD], which is believed to be the link between the current, fast-paced cryptocurrency ecosystem and the traditional payment system.
Earlier this year, Winklevoss brothers also made efforts to uplift the cryptocurrency markets by drafting a Bitcoin ETF [exchange-traded funds] and appealing to the US Securities and Exchange Commission [SEC] to pass the same. However, this attempt could not succeed as the regulatory body denied the ETF for several reasons related to investor protection and security, among others.
The biggest indication towards a successful adoption for Litecoin is its recent partnership with TokenPay, where it managed to buy a stake in a German bank called WEG Bank AG. This was a deal where Charlie Lee, the creator of Litecoin joined TokenPay’s development team to head the projects.
[ŁTC]Lv28CoinWarrior, the Twitter handle of a cryptocurrency enthusiast commented:
“I enjoy using Gemini for making fiat to BTC and ETH purchases/trades.
Really wish LTC would be enabled, so I can use Gemini for fiat-> LTC.
Demand is there, if everything is in place, rather than gift this biz to other exchanges, Let it happen already!!”
tommix2, another blockchain enthusiast on Reddit also stated:
“PLS dont tell me this is the reason why now LTC skyrockets?!”
With GUSD, the Winklevoss brothers aim to penetrate the idea of the first regulated stable coin in the cryptocurrency market. Furthermore, the intention is also to trigger more adoption as the coin is likely to attract institutional participation.
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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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