Bitcoin’s Fork Litecoin is Soaring Again – Here is Why
One of the oldest cryptocurrencies, Litecoin, has seen massive buying activity over the last few days. This comes after it was listed by EDX Markets, a Wall Street-backed digital asset trading platform. The recent price increase has caused Litecoin to reenter the top ten largest crypto assets by market capitalization.
According to data from CoinGecko, LTC is up 24% over the last 24 hours to trade at $107.23 as of this writing. The coin was among Friday’s top performers.
Further, Litecoin’s market cap has grown by 16% over the last seven days. The crypto asset is now at number ten with a market valuation of $7.72 billion.
Why Litecoin is Rally
As mentioned before, the rally is mainly due to LTC’s listing on EDX Markets. The coin is among the four digital assets selected by the exchange to support their trading. The other three include Bitcoin Cash, Ethereum and Bitcoin. According to crypto experts, the four were chosen as they are unlikely to be targeted by United States regulators for being unlicensed securities.
Since the start of the year, the US SEC (Securities and Exchange Commission) has been leveling charges against companies believed to be offering unregistered securities to the public.
However, EDX Markets boss Jamil Nazarali says he is convinced that the four cryptocurrencies listed on his trading platform are not securities.
Launched about two weeks ago, EDX Markets is an exchange that enjoys backing from big traditional finance players, including Citadel Securities, Fidelity Digital Assets, and Charles Schwab. Since its inception, investors have poured capital into the crypto market, causing a substantial bull run.
What Else Could Be Fueling the Litecoin Rally?
But the sudden jump in Litecoin’s value is not solely driven by EDX Markets. Another factor causing the coin to appreciate in value could be its upcoming halving event in July, when the Litecoin mining rewards will be reduced by half. LTC’s prices have shot up in the past halving events, so it appears that the same is happening this year.
Launched by former Google employee Charlie Lee, Litecoin is designed to facilitate cheaper and faster transactions. Although the coin was released to rival Bitcoin, it has not seen significant adoption like BTC.
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