Litecoin LTC price approaches $70 USD mark in the face of San Francisco summit and other developments
Litecoin’s San Francisco Summit is just weeks away and analysts expect to catalyze the growth of Litecoin (LTC) in the short term. The coin has already seen a surge in price to a one month high of over $65, slowly approaching the highly anticipated $70 mark. Litecoin’s founder, Charlie Lee suggested that the main concept they expect to push to users during the summit is the idea of the Lightning Network and side chains which bring better scalability features to Bitcoin. Speakers lined up for the summit include Bitcoin and Lightning developer Alex Bosworth who is expected to talk on swaps as a scalability solution.
LTC’s San Francisco summit
To promote attendance at the summit, and interest in the cryptocurrency among the youth, Litecoin announced it was giving free passes to the students for the second day of the summit. “442_travel and Travelbybit” are also giving free summit passes for participants booking their travels through them and paying with Litecoin. According to Travelbybit, Litecoin is the second most used cryptocurrency at Brisbane airport at 26.87%, only beaten by Bitcoin which accounts for 41.79%.
Abra, a mobile focused start up alternative to Coinbase has listed Litecoin among 25 cryptocurrencies to benefit from its fiat-to-crypto support. The feature will in initially be available to residents in 28 Single Euro Payments Area allowing them to directly deposit fiat into the application making the purchase of listed cryptocurrencies very easy. Withdrawals from cryptocurrency to fiat will be made available soon.
CasaHODL is working in support of Litecoin in line with its goal of providing routers with built in Lightning Network to rout data and payment and with the capability to earn users money from LN transaction fees. CasaHODL announced the Casa Lightning node, which it describes as the easiest way to use Lightning today. The casa Lightning node integrates expertise in Lightning with deep key management and security expertise to be able to run anywhere. The device which comes preassembled gives full control to the user, is easy to set up and has been pre synced with Bitcoin for easy activation. It also allows users to access Lightning Network features only available to full nodes such as; the ability to make and receive payments, opening and closing of custom channels with other nodes and boosting of liquidity with liquidity with Autopilot channel management.
Merchants currently accepting Litecoin for payment include BITCOINSHOP, COINPLAY, CRYPTOTHRIFT, BTCTRIP, BITROAD and ALL THINGS LUXURY among others. By maintaining full compatibility with the Bitcoin API, Litecoin is very easy to integrate into existing applications that already offer Bitcoin support. The coins are available for purchase from a number of major exchanges including Binance, Gdax, Btc China, Shapeshift.Io and Bitfinex among others.
Litecoin is currently ranked 7th with a market capitalization of USD 3.7 billion making it one of the most popular cryptocurrencies in the market. Activity on the coin has also improved with trade volumes growing almost 100% within the last 20 days to about USD 363 million within the last 24 hours.