Litecoin Prices Surge as Major South Korean Exchange Enables Trade

Digital currency Litecoin is about to get more exposure after one of South Korea’s biggest exchanges added the coin to its product listing. Broader market exposure was apparently reflected in Litecoin’s price on Tuesday.

Coinone Adds LTC

Earlier this month, South Korea’s Coinone added Litecoin to its platform, where it reportedly processed more than $3.2 billion in its first 24 hours. That quickly made South Korea one of Litecoin’s top exchanges.

Coinone is the Asian country’s second-largest cryptocurrency exchange. The only exchange processing more transactions is Bithumb, which also happens to be the biggest trading platform in the world. South Korea is highly active in LTC trades, with Bithumb accounting for more than a quarter of Litecoin trade flows worldwide. South Koreans have also shown a propensity to back lesser popular or more volatile coins, such as Bitcoin Cash, which forked from the original blockchain in August.

As one of the world’s premier coins, Litecoin is offered on many of the leading exchanges. For example, it is one of three cryptos available on Coinbase, which reached a total valuation of $1 billion this past summer.

LTC/USD Price Levels

Litecoin climbed above $63 on Tuesday, reaching its highest level in over three weeks. LTC/USD consolidated around $61.20, which amounts to double-digit gains. The digital asset is up nearly 14% over the past five days, but is trading at only a fraction of its all-time high closer to $90.

Measures of momentum and relative strength suggest LTC/USD has further room to grow. Price action has been slowly gaining traction since the market crash in September that was triggered by China’s blanket ban on cryptocurrency trading. With the recent pop, Litecoin appears to have overcome a bearish bias that formed immediately after the mid-October rally, which stalled just above current price levels.

At a market cap of $3.34 billion, Litecoin is the world’s fifth largest cryptocurrency.

Featured image courtesy of Shutterstock. 

Author:
Chief Editor to Hacked.com and Contributor to CCN.com, Sam Bourgi has spent the past nine years focused on economics, markets and cryptocurrencies. His work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Avid crypto watchers and those with a libertarian persuasion can follow him on twitter at @hsbourgi