The crypto market is experiencing yet another market falter as major players including Bitcoin, Ethereum, and Litecoin are all on the back foot. Despite getting listed on Gemini, after the Winklevoss twins got a new license from NYDFS, Litecoin (LTC) could not be saved from falling into the red zone.
As at the time of this writing, the value of Litecoin is down by 6.26% in the last 24 hours, and the LTC is trading at $137.1. As a result, Litecoin has lost over $500 million and is now has a market cap of $7.75 billion USD, but remains the 6th largest cryptocurrency. The digital asset maintains a high 24-hour trade volume of $405.5 million USD.
The numbers in the market which has sparked concern from investors in Litecoin may not be favourable, but looking back, the coin has grown rather steadily. With the advancements Litecoin Foundation is making, there is a possibility the coin could hit an all-time high before the fall of 2018. As at May 16, 2017 Litecoin was trading at $25 apiece, now 1 LTC is valued at over $135, that’s more than enough.
Litecoin (LTC) Gets Blocknet Compatibility
Litecoin users were faced with a great new development a couple of days ago which may have been drowned in the sorrow of the faltering altcoin. For enthusiasts with foresight, the news would remain something of joy as Litecoin is now compatible with the Blocknet Protocol.
What this means for Litecoin users and holders is, you can now accept payments in any cryptocurrency or fiat currency and it will immediately be converted to the equivalent in Litecoin (LTC) without having to go through any third party exchange.
There may be mixed feelings in the camp of Litecoin, however, Litecoin getting compatibility with Blocknet now means users can now receive payments from any currency with ease. The digital asset may be on the back foot in the market, but is surely moving forward in terms of development.
Litecoin to Join the Free Transfer List on Abra
Litecoin has continually increased in popularity and usage due to its highly scalable and low cost transactions. This has led to multiple companies and wallets integrating the digital asset into their platforms.
Founder and CEO of Abra, Bill Barhydt recently announced that the company is currently testing transactions on the platform free of Abra charges, using Litecoin. While banks and Financial institutions still charge mind boggling transfer fees; like the 19% a bank charges to transfer money to Mexico.
Abra which lets user buy, store and invest in 25 different cryptocurrencies in one wallet, is currently working on free limitless transactions. Litecoin would be a beneficiary of this new Abra development, as the Global app is bound to attract more users with free transfer in place.
Litecoin would soon support free transfers via Abra, boasts Blocknet compatibility, and is now listed Gemini (opens for trade on May 22). Great news that should be more emphasized on rather than the dropping value of the coin — in fact, it’s an opportunity to buy cheap.