Litecoin Support from Gemini Exchange Confirmed
Litecoin (LTC) support is coming to the Gemini exchange starting on middle October, as revealed during the Litecoin summit in San Francisco over the weekend. The news, which the Litecoin community expected, helped keep market prices in the vicinity of $56.
The Gemini foundation announced its intention ahead of the weekend:
LIVE from the @LTCFoundation Litecoin Summit, "We are pleased to announce Gemini will be launching Litecoin support starting October 13th, 2018!” –@eric_winer #LTCSF18 #tothemoon pic.twitter.com/TqTjJjk7q4
— Gemini (@Gemini) September 14, 2018
LTC is a widely traded asset and goes through regular boom and bust cycles. In the past week, it hit a temporary low of $47.69 on September 12 but reached a weekly peak of above $58 after the Gemini news was announced. The exchange, which still has a limited portfolio of assets, will also add the Gemini Dollar soon as a way to ensure extra liquidity and additional investments in fiat.
However, Litecoin is still far from its most active days, when the price grew much faster on positive news. Now, the bear market has made all assets relatively cautious. LTC is also depressed in BTC terms, which adds to the price weakness. Currently, more than 45% of LTC volumes are concentrated in pairings with Tether (USDT), with OKEx carrying the biggest LTC/USDT volumes, as data from Cryptocompare shows.
LTC market prices have been known to sink from $50 to as low as $1 during the 2014 bear market. This time, however, the coin sees far more active development as well as integration into payment systems. LTC transactions remain stable at around 27,000 in 24 hours, once again outpacing Bitcoin Cash (BCH), which clocked 19,000 transaction over the same period, as per the Blocktivity chart.
Litecoin is competing with bitcoin Cash on yet another front – the adoption of technology for sending coins directly and cheaply by SMS. The Lite.IM project was among the Litecoin updates presented during the summit.
— Litecoin.com (@LitecoinDotCom) September 15, 2018
The technology now available for Litecoin mimics the move of BCH to provide no-verification payments, allowing micro-transactions through SMS on any phone. The service is considered among the most suitable ones to foster widespread mainstream adoption.