Litecoin may be getting ready to break free from it’s month long holding pattern and resume an upward trajectory. After being range-bound for over a month, Litecoin has been seeing a massive influx of interest since it was recently listed on South Korea’s second largest crypto exchange, Coinone. Within 24 hours of listing, Coinone had already processed $3.2million of LTC/Korean Won transactions.
In addition to being one of the largest volume markets for crypto, South Korea is unique in that it’s two largest exchanges; Bitthumb and Coinone both offer significant “off-line” exchange capabilities. This means that very soon, Litecoin will be available to a substantial number of traditional investors. This trend has been massive in S. Korea where the domestic stock market has been underperforming. Litecoin’s status as Bitcoin’s little brother, it’s relative age and stability, should be appealing to traditional Korean investors.
Since Litecoin has also done well against BTC during the forking run-up, this may be an excellent opportunity to enter a mid to long term trade.
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DISCLAIMER: These are my opinions and not to be construed as investment advice. All investments in crypto carry substantial risk and should only be undertaken with money that you can absolutely afford to lose. Consult your investment adviser and/or significant other before making any investment in anything.