Note from the Publisher: Did you know that there are over 3,000+ cyrpto-currencies out there at present? Bitcoin is by far the largest and Ethereum has been getting tons of press lately, but the fourth largest of this genre is Litecoin. According to their .org website, “Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world.” For those of you interested in the digital currency space, Litecoin is now available for forex pairs-trading pegged against the US Dollar and Bitcoin on the Coinbase GDX exchange.
“Litecoin prices rose nearly 10% today as word the digital currency would be listed on Coinbase’s GDAX exchange spread among traders.
The move by the exchange to list LTC/USD and LTC/BTC currency pairs, however, was long anticipated, given that litecoin creator Charlie Lee has worked at the startup since 2013. Launched in 2011 and branded the “silver to bitcoin’s gold”, litecoin aims to offer faster transaction confirmation times for merchants.
At press time, it was the fourth larest digital currency by market cap.
Notably, litecoin prices began edging upwards far before the actual announcement, spurred by cryptic tweets and messages from Lee. According to data from BitcoinWisdom, the price of litecoin began to spike at roughly 9:00 UTC, rising from $3.58 to roughly $3.80 at 18:00 UTC, the time of the announcement.
During the session, LTC rose 9.3% to $4.01 amid heavy volume.”