Litecoin, the world’s seventh-largest crypto by market cap, saw little upside Saturday after the Winklevoss-backed Gemini exchange rolled out support for LTC custody and trading.
Trade volumes are down 37% over the last seven days, a period that has seen LTC values drop by nearly 7%. The bulk of the declines occurred on Thursday as part of a market-wide selloff of cryptoassets.
The LTC price fell below $51 briefly on Thursday before a minor relief rally took hold. Prior to the recent selloff, the digital currency had made its way up to the $60 region. Prior selling pressure was observed around $65.
At current values, Litecoin has a total market capitalization of $3.1 billion, putting it $1 billion shy of the no. 6 coin, Stellar XLM. On the opposite side of the ledger, the USDT stablecoin has a $2.7 billion market cap, a figure steadily rising as Tether releases more coins into circulation.
Gemini Lists LTC
Litecoin has officially become the fourth digital currency to be listed on Gemini, a U.S.-based cryptocurrency exchange founded by Tyler and Cameron Winklevoss. In doing so, it joins bitcoin, Ethereum and Zcash on the coveted exchange where users can execute continuous trades, block trading and participate in daily auctions.
Eric Winer, the company’s vice president of engineering, announced Friday that users will be able to deposit Litecoin into their accounts beginning Saturday at 9:30 a.m. ET. Trading in LTC will begin Oct. 16 at 9:30 a.m. Gemini traders will have access to four Litecoin trading pairs, including LTC/USD, LTC/BTC, LTC/ETH and ZEC/LTC.
The Litecoin listing was approved by the New York State Department of Financial Services (NYSDFS), a move that Gemini says reflects its “security-first” attitude and solidifies its “standing as the go-to exchange for retail and institutional investors alike.”
Winer says Gemini’s planned support of bitcoin cash has been pushed back amid uncertainty over possible hard forks next month. As a result, support for BCH deposits, withdrawals and trading will likely come in late November.
Despite being one of the more prominent cryptocurrency exchanges, Gemini processes only a tiny fraction of trades placed on largest platforms like Binance and Huobi. On Friday, Gemini’s adjusted daily volumes were $10.8 million, according to CoinMarketCap, with BTC/USD accounting for 84% of the turnover. By comparison, Binance’s adjusted daily volume was $744 million.
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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