Litecoin crazy price jump: what stands behind?

At the moment of press, average Litecoin price exceeded $240 mark
12 December 2017   1388

For last 24 hours "digital silver" gained around 50% and is traded ~ $240.

Litecoin Charts
Litecoin Charts

Litecoin is on the 5th place at Coinmarketcap cryptocurrency rate. LTC was able to "push" Ripple from its place. 

These are the main market parameters at the moment of press:

  • Average price: $240.68
  • Marketcap: $13 060 875 216
  • 24h volume: $4 531 250 000

Charlie Lee, the creator of Litecoin noted that LTC is the most tradable coin at GDAX.

What stands behind such a big jump? Let's try to figure out. 

The growth of the crypto currency was promoted by the announcement of the popular Bitrefill mobile phone replenishment service that Litecoin has become the second native currency of the platform after bitcoin.

Moreover, in addition to replenishment of cellphone accounts, Bitrefill now offers LTC (as well as BTC) option to purchase vouchers of the largest gaming platform Steam.

Also, another theory explains the growth of lightcoin suggests that users of the Bitfinex exchange, who had problems with the withdrawal of bitcoins and ethers from their exchange accounts, converted them into LTC for output. This spurred the demand for lightcoin first on Bitfinex, and then on other exchanges.

Litecoin Foudation to Purchase 10% of WEG Bank AG Shares

The acquisition of shares was the result of an agreement with the company TokenPay
11 July 2018   129

The non-profit organization Litecoin Foundation, which supports the popular crypto currency, announced the acquisition of almost 10% of the shares of the German bank WEG Bank AG.

As noted in the press release, the acquisition of shares was the result of an agreement with the company TokenPay, which operates with the transfer of assets from crypto-currency to fiat and vice versa.

It is reported that TokenPay transfers 9.9% of shares of the German bank WEG Bank AG to Litecoin Foundation to pay for technical support and the introduction of cryptocurrency payments for TokenPay customers.

This partnership is a huge win-win for both Litecoin and TokenPay. I’m looking forward to integrating Litecoin with the WEG Bank AG and all the various services it has to offer, to make it simple for anyone to buy and use Litecoin. I’m also excited about Litecoin’s support in TokenPay’s eFin decentralized exchange.

Charlie Lee

Managing Director of the Litecoin Foundation

TokenPay purchased part of WEG Bank shares in May.

The partnership with innovative institutions such as TokenPay and Litecoin might at first come unexpectedly for a very conservative institution like us. But we have thoroughly and diligently examined the prospects of a common future, and we became convinced that the future of banking will make adoption of such modern payment methods inevitable. We are therefore proud to have teamed up with the best in the field.

Matthias von Hauff

Founder and CEO, WEG Bank AG

Rumours about possible cooperation between TokenPay and Litecoin Foundation appeared back in April.