After news hit the headlines that Litecoin is headed for a Gemini inclusion in mid-October, LTC holders have all the reasons to smile. However, the deal has come at a time when the Litecoin ecosystem is facing a lot of criticism that has affected the LTC price quick recovery from the September 5 market slump.
The space for everyday crypto spend-ability appears to be shrinking with shinier coins registering increased use cases. Litecoin and the likes of Bitcoin Cash seem to fighting for the same piece of cake. As recent news indicates, Bitmain miners are sitting on over 1million LTC while fronting for Bitcoin Cash uptake.
Litecoin (LTC) and Gemini Implications in the Market
The Gemini is one of the most prestigious platforms in the crypto-sphere and listing of Litecoin means a lot for the coin. The exchange outfit is fully compliant with market regulations and has passed the SEC vetting. Most of the coins trading on the platform has seen increased confidence from investors both individuals and institutions.
The low key announcement from the Gemini Trust official twitter handle read in part;
LIVE from the @LTCFoundation Litecoin summit, “We are pleased to announce Gemini will be launching Litecoin support starting October 13th, 2018” -@eric_winer #LTCF 18 #tothemoon.
September 14, 2018
The Litecoin community has been holding their breath since it wan hinted that the listing will be forthcoming before close of 2018. The revelation was done during the recently concluded San Francisco Litecoin summit and this will be a big boost for LTC price which has been struggling under the $60 mark.
The Gemini news has seen the coin price break the oscillating norm to climb from the previous low of $47 to the current $58 threshold. The scenario is however set to change once the support takes effect in less than a months’ time.
Increased Litecoin (LTC) Market Penetration
Litecoin will join other coins of repute that recently got the nod to be added on in geminin and the new pairing is a surefire launching pad for LTC which is one of the highest traded crypto assets in the market today. Bitcoin, Ethereum and ZCash are some of the coins that have attracted the Gemini trust and Litecoin will be the fourth crypto on the platform.
Gemini marketplace will see Litecoin interact with Wall Street movers and shakers which will also boost the coin interaction levels with the fiat economy. The anticipated pairing with the green buck will see a spike in LTC liquidity and a diversification of investment for its holders since this is an ideal gateway to fiat.
With a more cautious global investor community, the listing might not send LTC back to its past glory but will boost its visibility and position itself form market breakouts in the future. Recent market reports indicate that most of the LTC volumes have declined from its BTC pairing but on the rise with the stable coin USDT a move that could indicate LTC traders finding Tether as the crypto escape route to fiat or a safe haven waiting for LTC to gain tractions for them to get back.
Litecoin (LTC) Competition with Bitcoin Cash (BCH)
2018 has been one of the busiest years in blockchain history that has seen many coins strengthen their infrastructures while introducing new products in the market. Sending digital cash via sms is a new frontier in the market and Litecoin and Bitcoin Cash appear to have introduced the feature making them tech arc-rivals. The Lite.IM service is set to ride on increased smartphone uptake to increase LTC usage globally and is a big threat to BCH
Using sms to send cash appears to be popular which BCH thinks LTC has copied from them leading to war of words that saw LTC co-founder, Charlie Lee come to its defense. However, the market politics have not dampened LTC price which at the time of reporting stood at $58.66 with marginal loses of 4.38% to the green buck in the last 24 hour trading session.