Tron (TRX) and Litecoin (LTC) Extend Gains as Binance Adds New Stablecoin Pairs
Tron (TRX) and Litecoin (LTC) stood out among the top performers among major altcoins leading into Wednesday, both adding around 6% to their value.
Both coins were the subject of this morning’s announcement by Binance that LTC and TRX would gain new stablecoin pairs on its platform. Newly formed TRX/PAX and TRX/USDC pairs will go live on Thursday, Jan 24th, joining the TRX/USDT and TRX/TUSD markets already on the the exchange.
Litecoin stands to gain even more liquidity with the addition of LTC/TUSD, LTC/PAX, LTC/USDC markets, joining the coin’s existing Tether (USDT) pairing.
Binance Adds Stablecoin Pairs
As per Wednesday’s announcement on the Binance blog:
“Binance will open trading for LTC/TUSD, LTC/PAX, LTC/USDC, TRX/PAX and TRX/USDC trading pairs at 2019/01/24 10:00 AM (UTC).”
Over $22 million worth of Tron’s volume comes from Binance’s TRX/USDT and TRX/TUSD trades – just over 10% of the coin’s daily volume.
Meanwhile, Litecoin finds itself less represented on Binance, with its $6 million LTC/USDT volume equalling around 1% of the daily total.
Tron confounded technical analysts multiple times in the past week as it continued to surge amid a falling market. That trend continued today, as TRX jumped from $0.025381 up to to $0.027123 – a 6.8% increase.
TRX volume fell to $200 million, down from the weekly high of $300 million. But with a 15% increase within a few hours on Tuesday morning – back up to $230 million – volume could be on the rise once more.
Ominous signs from the tech analysts suggest that TRX must break and close above $0.03 or else risk losing much of its recent gains. With multiple exchanges currently ramping up advertising for the upcoming BitTorrent Token (BTT) airdrop to TRX holders, now would be as likely a time as any for an 11% surge to the $0.03 range.
LTC moved 6% during the past twenty-four hours, climbing from a valuation of $30.32 up to $32.15.
The coin had sunk 9% from Sunday through to Tuesday. Trade volume is up 20% from this time yesterday, although the presence of ZB.COM as the most active exchange leaves the question open as to how much of it is real.
Litecoin was notably absent from yesterday’s marketing assessment by author William Mougayar, who laid ‘over-marketed’ accusations at the door of Lisk, EOS, Tron, et al. Given that LTC was advertised front and center during the recent UFC 232 event, Litecoin is no stranger to bold marketing efforts.
The level of the consumer impact from the UFC event is hard to gauge, however, the Litecoin Foundation has already introduced updated LTC graphics based on feedback received.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
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