Home Alt Coins Litecoin Price Leaps 25% Ahead of LitePay Launch

Litecoin Price Leaps 25% Ahead of LitePay Launch

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The Litecoin worth leaped by practically 30 p.c on Tuesday in response to the announcement that fee processing startup LitePay would formally launch in lower than two weeks. The rally enabled LTC/USD to crack the $200 barrier, and it raised LTC/BTC to its highest worth in practically three years.

Litecoin Price Leaps to $200

Litecoin is at the moment priced at $197 on Bitfinex, though premiums on different exchanges have hoisted its world common simply above the $200 mark. Litecoin now has an $11.1 billion market cap, lifting it to fifth within the rankings.

litecoin price
LTC Price Chart

Significantly, though Litecoin remains to be buying and selling effectively under the height USD worth it set in mid-December, LTC/BTC is buying and selling at .0227 BTC, its highest level since July 2015.

litecoin price
LTC/BTC Price Chart | Source: CoinMarketCap

Diverging from earlier pumps, LTC buying and selling quantity may be very evenly distributed the world over’s main exchanges. At 26 p.c, OKEx accounts for the biggest slice, whereas GDAX ranks second with 14 p.c. South Korea-based Bithumb and Upbit every costs Litecoin at an eight p.c premium over different exchanges, however their buying and selling pairs solely account for a mixed 10 p.c of world LTC quantity.

litecoin price
Source: CoinMarketCap

LitePay Previews Feb. 26 Launch Date

Tuesday’s rally is available in direct response to the announcement that LitePay, a fee processing firm modeled after business stalwart BitPay, is scheduled to launch on Feb. 26. The firm quietly made the announcement on Twitter on Monday, however phrase appears to have traveled slowly, on condition that the rally is simply now taking off.

According to the San Francisco-based firm’s website, LitePay will provide many of the identical options as BitPay. Most notably, it is going to present companies with the power to just accept LTC funds which might be settled in fiat foreign money. Additionally, it is going to subject Litecoin debit playing cards, which customers can fund with LTC and use at just about any retailer.

Since Litecoin markets itself as a payment-focused cryptocurrency, the institution of LitePay’s infrastructure will significantly help its utility for this use case.

However, one other principle is that Litecoin’s bullish pivot could possibly be tied to the announcement {that a} group of builders goes to fork the primary Litecoin blockchain on Feb. 19 to create Litecoin Cash, airdropping cash to all pockets addresses that maintain LTC on the time of the fork.

Featured picture from Shutterstock.

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