Litecoin users will be quite pleased with the way things are going right now. As it turns out, the price is holding its own quite well. What is remarkable is how the xBTCe platform is generating so much trading volume right now. Their USD and RUB markets are doing extremely well. This is a positive sign for LTC, to say the least. No one knows for sure where this sudden volume is coming from, though.
For quite some time now, xBTCe has been quite silent when it comes to LTC trading. More specifically, the LTC market has been active for some time. However, the platform never generated a lot of volume in the process. That has come to change all of a sudden, albeit no one knows why. xBTCe is now three times in top five platforms for LTC trading volume over the past 24 hours. Quite a significant turn of events, to say the least.
xBTCe Dominates Litecoin Trading Volume
Although OKCoin is still leading the charts, xBTCe is catching up nicely. Their USD and RUB markets are almost as big as the LTC/CNY market on OKCoin. Up until this point, there was very little interest in Litecoin by RUB traders. Russia has always had a love-hate relationship with cryptocurrency. The government is slowly coming around in this regard, though. This is evident when looking at xBTCe, as they see an influx of trading volume right now. It will be interesting to see how the RUB market performs over the next few days.
It is remarkable to see fiat currency pairs dominate the Litecoin trading market right now. Until a few days ago, most of the markets were either Bitcoin or Ether-related. Although LTC/ETH is a popular trading market right now, it pales in comparison to fiat currency trading. Other noteworthy fiat currency pairs for LTC include CNY, KRW, CNH, EUR, and JPY. There is only one LTC/BTC market in the top 10, which can be found on the Poloniex platform.
All of this is relatively good news for Litecoin, though. The market has seen close to US$243m in 24-hour trading volume. Although that is not even close to Bitcoin’s volume, it is a big step in the right direction. Especially with such a high demand to exchange Litecoin to and from fiat currencies. The coming days and weeks will be quite interesting, to say the least. It is only a matter of time until Litecoin sees a nice price bump.
Header image courtesy of Shutterstock