Litecoin Price Quickest to Rebound Following 7% Boost

Litecoin (LTC) is the quickest to recover from yesterday’s dip, and has recorded the highest daily growth out of the coins in the top-10.

LTC opened the day at $75.44 before climbing 7% over 24 hours to $80.80. In the last hour that price has returned to $79.66, but that still marks a near 5% net growth for the day.

That’s still some way off the weekly high of $88.42 recorded on the 5th of July, and conveys a bad week for LTC, but the movements over the past day have started to buck the trend. There’s reason to be cheerful too. Unlike the sudden spike of July 7-8th, when the market spiked aprubtly and violently, we are now starting to see more stable, natural movements. The entire market began to even out yesterday, and today it has begun its slow climb towards lost ground.

Market Movements

The majority of LTC’s daily trading volume has been concentrated in one place, namely the OKEx exchange, which has housed over 26% of Litecoin’s movements over the last day. The most popular trade is against Bitcoin, with LTC/BTC trades making up $46 million of Litecoin’s daily total of $312 million.

LTC/USDT trades make up $31 million of the total volume on OKEx, while USDT is also responsible for the next highest volume of trades against LTC on BitForex, with $29 million worth.

LTC’s daily growth is the best in the top-40 at the time of writing, unbeaten until reaching Waltonchain (WTC) ranked at 44th, which has recorded 11% growth for the day.

Strategic Partnership with TokenPay

TokenPay is a crypto payment platform that, among other things, caters for fiat-to-crypto payments and vice-versa.

TokenPay recently acquired a 9.9% stake in the German WEG Bank, as described in the official announcement, and then transferred that equity over to the Litecoin Foundation. Litecoin and TokenPay had been working together on blockchain products for some time, focussing on integrating traditional finance with cryptocurrency capabilities. The ultimate aim for TokenPay is to purchase the whole of the bank, and use it as a possible springboard to bring crypto into the local bank system.

Litecoin founder, Charlie Lee greeted the news with enthusiasm, saying:

“This partnership is a huge win-win for both Litecoin and TokenPay. I’m looking forward to integrating Litecoin with the WEG Bank AG and all the various services it has to offer, to make it simple for anyone to buy and use Litecoin.”

Matthias van Hoff, founder and CEO of WEG Bank AG, emphasized the inevitable adoption of crypto payments in the future, saying:

“The partnership with innovative institutions such as TokenPay and Litecoin might at first come unexpectedly for a very conservative institution like us. But we have thoroughly and diligently examined the prospects of a common future, and we became convinced that the future of banking will make adoption of such modern payment methods inevitable.”

Featured image courtesy of Shutterstock.

Greg Thomson is a freelance writer who contributes to leading cryptocurrency and blockchain publications like CCN, Hacked, and others.