Today will be an important day for the Litecoin community. After many weeks of waiting, LTC will finally be added to the Bitstamp exchange. A lot of people are wondering if this will give the price another nudge upward. Right now, Litecoin seems to be holding its own around US$45. The addition to Bitstamp is a big move, but it may not have the effect people are looking for.
A lot of Litecoin enthusiasts are looking forward to the Bitstamp addition. Bitstamp remains one of the largest cryptocurrency exchanges in the world. It is an incredibly powerful platform, which also supports credit and debit card payments. Moreover, the company has added some big coins lately including Ethereum and XRP. It only makes sense to enable Litecoin as well.
Bitstamp Will Enable LTC Trading Soon
The bigger question, however, is whether or not the Bitstamp news will create more demand for LTC. It is evident there is a lot of positive price momentum right now. The price has been on the rise for a few days straight already. Sustaining and maintaining this new price floor is the number one priority right now. Litecoin has been on an impressive run lately, that much is evident.
Being added to a new exchange does not necessarily mean the LTC value will go up or down, though. It is a major development for LTC, but it may not result in more demand. Additionally, it is possible this addition will have an adverse effect on the price. This is how things usually go in the world of cryptocurrency. Traders tend to buy on the hype and dump on the news. It is certainly possible we will see an LTC price retrace later today, albeit anything can happen these days.
For now, it remains unclear at what time Bitstamp will enable LTC trading. The company never communicated an actual time, but we do know it will – allegedly – happen today. A lot of Litecoin traders will be glued to the trading charts over the coming hours, These are very exciting times for everyone involved in LTC, that much is certain.
Header image courtesy of Shutterstock