Cryptocurrencies treasure the support they get from the exchange platforms around the world. The more exchanges a digital asset is added onto, the easier it is for people to have access to the coin. Litecoin (LTC) is the 7th most valuable digital asset in the market. It already has a significant share of the crypto market. Listing Litecoin and other legacy cryptocurrencies means that the exchange companies get access to the existing volume of users.
Support on Hotbit
New exchanges continue to launch in the cryptocurrency industry. While support on these small exchanges in terms of the low trading volume they record may seem insignificant, it pushes the cryptocurrency adoption agenda and brings crypto closer to the people. Litecoin (LTC) alongside Ethereum Classic (LTC) and Ripple (XRP) will today, November 1, 2018 start trading live on Hotbit.
The deposits on the platform started yesterday, October 31, 2018 at 16:00 (UTC+8) while the order book will be open today at 15:00 (UTC+8). The three assets will be available for trading against both BTC and ETH.
Hotbit is a rapidly growing cryptocurrency exchanges platform that has listed over 200 digital assets. The exchange has a daily transaction volume of approximately $25 million. Its markets that are quite valuable on Hotbit include Ethereum (ETH), Nexo (NEXO) and BOX Token (BOX). It is currently the 50th largest exchange company in the industry according to CoinMarketCap.
Support on CMC Markets
The United Kingdom-based CMC markets has also announced support for Litecoin (LTC) together with Bitcoin Cash (BC) and Ripple (XRP). The company deals in various financial derivatives. In addition to that, it offers services in spread batting as well as contracts for difference dealer (CFDs).
The above trading assets will trade against the US dollar. Crypto-to-fiat trading ensures that customers have easy access to various digital assets especially altcoins. Besides, withdrawals and deposits are simplified as customers have direct access to their funds. Before the support for the three altcoins was announced, CMC Markets had listed only Bitcoin (BTC) and Ethereum (ETH). The exchange company shared the news via a Twitter message:
“Spread bet or trade CFDs on a range of popular cryptocurrencies with CMC Markets, now including Litecoin, Ripple, and Bitcoin Cash.”
CMC Markets is currently based in London (HQ). It has expanded across the world with at least 12 hubs. Moreover, the company is tradable on the London Stock Exchange. CMC Markets has become a force to be reckoned with in the financial markets with its client base exceeding 59,000 and a market cap of $341 million. David Fineberg, the Group Commercial Director of the company said in regards to the new listings:
“Since the successful launch of our cryptocurrency offering in March, and subsequent extension to retail clients in July, our clients have expressed interest in extending their trading options beyond Bitcoin and Ethereum. We are pleased to offer them the chance to take a position on Bitcoin Cash, Litecoin and Ripple [XRP], three altcoins which continue to generate much speculation among traders.”
At the time of press, Litecoin is trading at $49.57. The stability in the market has continued to impress cryptocurrency enthusiast including top analyst Tom Lee of Fundstrat who relent said that he is “Pleasantly Surprised” by current price action. Litecoin is trading faintly in the green following a 0.54% rise in the last 24 hours. It has a market cap of $2.9 billion and a 24-hour exchange volume of $405 million.