Why the Price of Litecoin Is Rising Today

What occurred

During the last 24 hours, the value of Litecoin (LTC 4.89%) jumped practically 8% as of three:40 p.m. ET after the funds firm MoneyGram (MGI 0.10%) introduced that it might allow customers to commerce and retailer a number of cryptocurrencies, together with Litecoin, on its app.

So what

Along with Litecoin, Moneygram may also enable customers to commerce and retailer Bitcoin (BTC -1.37%) and Ethereum (ETH -1.79%). Nevertheless, with Litecoin having a lot much less of a following and a a lot smaller market cap, the information didn’t transfer Bitcoin and Ethereum in the identical manner it boosted Litecoin.

MoneyGram’s CEO Alex Holmes mentioned in a press release: “Cryptocurrencies are additive to all the things we’re doing at MoneyGram. From {dollars} to euros to yen and so forth, MoneyGram allows on the spot entry to over 120 currencies across the globe, and we see crypto and digital currencies as one other enter and output possibility.”

Moneygram has served greater than 150 million folks during the last 5 years, so it actually has sufficient scale to unfold extra consciousness of Litecoin and doubtlessly develop adoption of the token.

Now what

Litecoin is definitely one of many earlier cryptocurrencies, having been launched in 2011. On the time, I consider the worth was that it might course of extra transactions than Bitcoin. There’s additionally a finite quantity of 84 million Litecoin tokens.

Sadly, since then a ton of latest blockchain networks have popped up, all searching for to extend the variety of transactions per second they’ll course of. For that reason, and given the following crypto winter, I am actually solely within the extra established tokens like Bitcoin and Ethereum proper now.