On 12th September, Bittrex, one of the biggest cryptocurrency exchanges in the world extended its support to the 7th largest cryptocurrency, Litecoin [LTC]. Bittrex recently opened the USD market on its platform and started off by pairing USD with several other cryptocurrencies prior to Litecoin, such as Cardano [ADA] and Zcash [ZEC]. In its official Twitter announcement, the platform wrote:
“We’re rolling out more USD pairs. On Sep 17 we’re launching US dollar (USD) markets for TRON (TRX) and Litecoin (LTC). Eligible #Bittrex accounts created before Sep 4 are already enabled for USD trading.”
When Bittrex enabled the USD markets on its platform, it gave its customers the option to either trade USD or opt for the services related to deposit and withdrawal also. However, one can only be a customer at Bittrex if one belongs to the areas the platform operates in, according to the customer eligibility criteria of Bittrex. These locations are New York, Washington State and Montana.
Under the recent developments of Litecoin, the cryptocurrency took over Bitcoin in SegWit usage and is approaching 50% of the total usage. The creator of Litecoin, Charlie Lee tweeted the news of the same, displaying the SegWit usage data compiled by a Twitter handle called Blockchair.
Not more than a week ago, the Litecoin Lightning Network also received the support of Casa Lightning Node. The integration is scheduled to take place later this year with the purpose of enhancing the payments that take place on the Litecoin network, in terms of speed and efficiency.
When it comes to the recent haunting of the bear in the cryptocurrency market, Litecoin is no exception. Among other altcoins, Litecoin also suffered an intense damage and has still not recovered. Currently, the cryptocurrency is down by 2.86% in the past 24 hours. At press time, LTC is trading at $50.34 with the market cap of $2.9 billion and a 24-hour trading volume of $274.7 million.
Randy DGB, a cryptocurrency user and a Bittrex follower commented:
“I can’t use your site for USD purchases because I live in PA. I hope this changes soon.”
Another blockchain enthusiast and an apparent cryptocurrency investor, Armondo Bilancione enquired:
“This is great news.. But when is it coming to MD?”
Joe S, a Twitterati and a Bittrex follower also stated:
“I got an idea! Support & list some of these forks instead of wrecking your customers over and over again. If you want crypto to be successful in the long term, do your part & help out instead of leaving everybody to die”
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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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