The year might not have been the best for most Altcoins in terms of growth but a lot of partnerships, infrastructure developments and listings have taken the center stage. A lot has been going on behind the scenes and Litecoin (LTC) has seized the opportunity to open doors to more high profile adopters.
Litecoin, one of the most promising platforms in 2018 seems to be ready for institutional investors and Charlie Lee is eagerly waiting the Litecoin Futures and the current project developments:
“Litecoin futures will open up LTC trading to more institutional investors. This will add to the liquidity of Litecoin and make it easier for people to get in and out of Litecoin.”
Litecoin Major Boost from Crypto Facilities
The Litecoin and Crypto Facilities deal is unique; where the firm will launch the first Litecoin-Dollar feature. This will shift focus on Bitcoin given that traders find BTC too mainstream. This is a London based index and trading outfit that will give traders two options; long and short LTC positions.
The deal will become effective at 4:00pm, June 22 and this will see Litecoin (LTC) trading alongside after existing derivatives like BTC, XRP and ETH. With a market cap of $5.17 and ranked 6th, the platform prides itself of having a circulation supply of 57.08 coins. The last 24 hours as seen $344million worth of LTC change hands. These statics show the coin is a good fit for Crypto Facilities.
A Glance at Litecoin Markets
According to CoinMarketCap charts, LTC/BTC pair continues to the popular followed by LTC/USDT with the Hong Kong exchange, OKEx pushing the highest volumes of the two pairs. GDAX, a popular US based exchange is also a moderate LTC volume mover.
According to Timo Schlaefer, the Crypto Facilities CEO, bringing Litecoin onboard is as a result of consumer demands and a good entry point to the big money:
“As digital assets continue to mature, we expect to see a greater number of institutional investors entering the marketplace.”
Litecoin (LTC) addition comes at a time when investigations are ongoing to determine if BTC products from CME Group could have influenced the market to push the coin price to $1,985 late December. It might appear the regulator investigations might have been overtaken by events after LTC get the nod.
Coinbase, Kraken, iTBit and Bitstamp are some exchanges that the CFT Commission are investigating to find out if there were any leads to Bitcoin price manipulation. This is through examining trading data during the futures launch and this has affected the market confidence given that cases of pump and dump were on the rise during the crypto-boom.
According to CFTC, the advancement Fintech need to be put in check since it has “the potential for significant or even transformational impact on CFTC-regulated markets and the agency itself.”
Christopher Giancarlo, the CFTC Chairman adds:
“There is something going on here that is generational. Just as the baby boomer generation lost faith in the leaders that came before them and tried to seek a cultural change in those days through sex, drugs and rock and roll, I think there is a generation that also has lost faith in us that led them through the financial crisis and they see technology as a way of disintermediating institutions for which they don’t have a great deal of respect. We are struggling to find out how we apply an old law to really new and different applications.”
Litecoin (LTC) Future
Despite all the obstacles being faced in the crypto-sphere today, Litecoin (LTC) star appears to be shinning and a bright future is in the offing. With the launch effects just hours away, it will be interesting on how the market is going to react to the coins futures. The LTC volumes are headed for a spike especially now that LTC closed tied to BTC.
At the time of filing this report, LTC was trading at $89.83 after shedding a marginal 7.58% against the dollar and 2.47% to Bitcoin. This scenario is set to change and Charlie Lee and the entire Litecoin (LTC) communities are eagerly waiting for a spike to push the coin above the $100 mark in the coming days.