Litecoin crazy price jump: what stands behind?

At the moment of press, average Litecoin price exceeded $240 mark
12 December 2017   2835

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.

Binance to GBP Fast Payments & LTC Contracts

Today Binance supports more than 20 fiat currencies through and the LTC / USDT perpetual contract will be launched on Jan 9 at 8:00 UTC
09 January 2020   355

This Wednesday, Binance Exchange announced the start of cooperation with the Banxa service, which will allow its users to buy cryptocurrencies for Australian dollars, euros and British pounds.

Payments in pounds are made through the Faster Payments (FPS) system, which provides an almost instant transfer of funds. FPS is a British banking initiative that allows you to reduce the transfer of funds between different banks from three business days to several seconds. Exchanges such as Coinbase and Coinfloor already work with the system.

Banxa allows crypto exchanges, wallets and other crypto platforms to offer instant fiat to crypto conversions. With only one integration, our partners benefit from both local and global payment options while Banxa takes care of all regulation, compliance and chargebacks. We are very delighted to welcome Binance into our growing ecosystem of partners and look forward to working closely with the team at Binance.

 

Holger Arians

Banxa CEO

Binance currently supports more than 20 fiat currencies through eight partners: Simplex, Koinal, Paxful, AdvCash, Papara, Flutterwave, Latamex and Banxa. Changpeng Zhao, CEO of Binance, previously stated that his company’s goal for 2020 is to support all 180 fiat currencies. According to the latest announcement, in the coming months their number will increase with the participation of Banxa.

In addition, Binance continues to actively expand the list of contracts available on its derivative platform Binance Futures. Only this week, the company announced the launch of contracts for XRP and EOS, and today a contract for Litecoin has been added to them. The LTC / USDT perpetual contract will be launched on January 9 at 8:00 UTC. When opening positions, users will be able to choose the desired shoulder size from 1 to 75x.