Bitcoin has been making huge headlines in the past weeks, leaving the lesser-known cousin Litecoin (LTC) at the lower end of the market. Trading activity for LTC has been at a minimum over the last week, and the value hasn’t gone beyond or below an average of $57. Following close after the Chinese ban of digital currency exchange last month, LTC trading has lost much of its valuable market potential.
With a gaping hole in the Chinese crypto market needing to be filled, a major South Korean exchange enabled direct, national LTC trading this week. Within 24 hours of South Korea’s second-largest exchange, Coinone, adding full support for Litecoin trade, nearly $3.5 million dollars of LTC was processed. This not only impacted the market by adding millions of new members to the LTC database, but also brought a significant change to the Coin’s value.
Since the market has been introduced to South Korea, the country is huge on Litecoin, with Bithumb holding over one quarter of LTC trades globally. In fact, from a global perspective, Bithumb is even bigger than Bittrex in terms of 24-hour USD volume, topping $600 million traded total, according to Crypto Coin Charts. In addition, trading volume has been settled by Bithumb at nearly $40 million in LTC to KRW trades daily! This is nearly twice as that of GDAX, Coinbase’s flagship digital currency exchange!
Despite this being an improvement in Litecoin exchange, many effects are yet to be seen by such a huge change in the market. Higher trading volumes, as seen in the opening of direct LTC trade in South Korea, do not guarantee higher prices. The trend is our key factor to watch, and with Litecoin being the silver to Bitcoin’s gold standard, processing and growing now almost four times faster, we should be seeing many gains soon in the LTC market. Yes, Bitcoin may be the current ruler of the Coins, but Litecoin may be well on its way to dominating next.