Monday morning in crypto land brings a pretty flat market to start the week. Traders have been resting over the weekend and there has been little movement in either direction for many of the altcoins. Bitcoin barely moved over the past two days and has remained steady at around $9,700. A few of the altcoins are up a couple of percent and a few are down a couple but one that is in double figures this morning is Litecoin.
Coinmarketcap has LTC up 11% on the day during the morning’s Asian trading session. This time 24 hours ago it was trading at $205 and this morning it is up to $230. Litecoin peaked at $252 on Feb 21 but has fallen back by 20% over the week, today however it has rallied upwards once again. LTC is higher month on month and has remained above the crucial $200 support level for most of the latter half of February.
The launch of LitePay today is the likely catalyst. The payments processor will expand the adoption of Litecoin as more merchants and businesses will start accepting it as a method of payment for their products and services. A LitePay card and wallet will allow easy conversion from LTC into fiat. This can only be good news for the altcoin which has fallen out of favour since its peak in mid-December.
Additionally Litecoin founder Charlie Lee has been active on Twitter again extolling the coin that he sold out of a couple of months ago. His references to a ‘flappening’ when the Litecoin market capacity over takes the Bitcoin Cash market cap have spurred further speculation.
Litecoin currently has a $12.6 billion market cap with BCH on $19.9 billion. It is traded predominantly on OKEx which has 28% of the total; $1.2 billion has changed hands in trade volume for LTC in the past 24 hours.
Other altcoins doing well this morning are Cardano, Icon and DigixDAO. Iota, Ethereum Classic and Nano have all fallen back over 5% from their recent rallies.
More on Litecoin can be found here: https://litecoin.com/
FOMO Moments is a section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and fundamentals.