Litecoin (LTC) is one of the foremost altcoins in the crypto world. For the first time in weeks, LTC has finally made a move towards the $70 price level. On 4th September, LTC stood at $67.65 which is an increase of 3.3% since 3rd September. This might not make many cryptocurrency traders jump up in joy, and seems negligible. This had many analysts stand in expectation as $70 is considered a psychological and technical resistance, i.e. LTC’s next roadblock.
Litecoin’s market capitalization stands at $3.95 billion, which is its highest level since early August. The whole market is currently flashing green as most cryptocurrencies are experiencing growth. Big names like Bitcoin (BTC), Bitcoin cash (BCH), and EOS are all recording growth in the past 24 hours, while Monero (XMR) shows the highest rice with more than 10% price.
However, on the 5th of September, the LTC price crashed down to $54.98. While there is no explicit catalyst that brought up this downfall, the increasing attention to LTC has been attributed to the following positive developments.
Upcoming Litecoin Summit
Charlie Lee, the founder of Litecoin and a well-known cryptocurrency personality, stated in an interview with CNBC, that the San Francisco Litecoin Summit is just weeks away. Lee stated that he’d like to see more talks of Lightning Network and Sidechains as a means to help Bitcoin and Litecoin to scale. Additionally, with the prices depressed in the current market, Lee acknowledges that it is the right time for people to get ‘stuff’ done.
In the past, cryptocurrency summits have been a catalyst to price growth, and this upcoming Litecoin Summit in San Francisco might very well be the catalyst that pushes the value of LTC past the benchmark of $70.
Abra introduces Fiat to Crypto support
Abra is a California based startup and a popular mobile-focused alternative to Coinbase. Recently, Abra announced that SEPA (Single Euro Payments Area) residents can directly deposit fiat currencies into the Abra app. This makes purchasing and trading cryptocurrencies (25 cryptocurrencies) much easier for SEPA residents.
In a recent Twitter announcement, Abra wrote:
“Excited to announce that Abra is starting the launch of in-app European bank purchases of Bitcoin and 25+ cryptocurrencies for consumers across 28 countries.
This new feature from Abra will hopefully drive new investors into the cryptocurrency and Litecoin market due to an easy, efficient and accessible platform for buying crypto assets straight with fiat currencies.
Casa starts work on LTC support for Q4 2018
Casa is a very popular Bitcoin-focused infrastructure firm. Charlie Lee, the founder of Litecoin, recently asked CASA if their product will natively support Litecoin in the future.
In response to Lee’s tweet, CASA revealed that it is, in fact, working on Litecoin support for its Lightning Network Node. Furthermore, the firm has intended to release Litecoin support during the early Q4 of 2018 which will definitely help the growth and development of the Lightning Network and atomic swaps.
In Lee’s own words,
“TBH, I didn’t expect @CasaHODL to be working on supporting LTC so soon. But it’s responses like these that show it was the right decision to have Litecoin complement and not compete with Bitcoin. And when companies see the value-add of LTC, it’s extremely easy to add LTC support.”