For the first time in weeks, Litecoin (LTC), one of the foremost altcoins in the cryptosphere, has made a move for the $70 price level, which it hasn’t breached in nearly a month. At the time of writing, LTC sits at $67.65 and is up a solid 3.3% in the past 24 hours. Although this move may seem negligible in the eyes of many cryptocurrency traders, LTC and Stellar Lumens (XLM) have both taken a leading position in today’s mixed market, with Bitcoin up 1.3% and Ethereum down 1.25%.
Many analysts expect for $70, which has proven itself as a line of psychological and technical resistance, to be LTC’s next roadblock to leap over in the coming days.
Although it is unlikely that there was an explicit catalyst for this move, many believe that a series of positive developments (which are as follows) have pushed the price of this asset higher.
The Upcoming Litecoin Summit
As revealed by Charlie Lee, the founder of Litecoin and a well-known cryptocurrency personality, in an interview with CNBC, the San Francisco Litecoin Summit is just weeks away. When asked about what he wants for attendees to take away from the conference, Lee stated:
“I’d like to see more [talk around] Lightning Network and sidechains, ways of helping Bitcoin and Litecoin to scale. I think with the price depressed, it’s actually a good time for people to… get stuff done. That’s what I’ve seen in the past few bear markets actually.”
Many hope that the development of these technologies will bolster the long-term performance of the price of both BTC and LTC, as the two assets are complementary to each other. Responding to Lee’s statement, CNBC Fast Money panelist Brian Kelly noted that this conference has a possibility to also be a short-term catalyst for the price of LTC.
While the market didn’t surge during (or after) Consensus 2018, unarguably crypto’s biggest get-together, some optimists hope that the upcoming Litecoin-centric summit could spark the crypto market’s next bull run.
Abra Introduces Fiat-To-Crypto Support For Bitcoin, Litecoin & More
Although this news could be seen as a positive signal for the entirety of the crypto market, Abra, a popular mobile-focused alternative to Coinbase, has just announced that residents of the SEPA (Single Euro Payments Area) can directly deposit fiat into the app, which should make buying the 25 cryptos listed a breeze.
In a Twitter announcement, the California-based startup wrote:
“Excited to announce that Abra is starting the launch of in-app European bank purchases of Bitcoin and 25+ cryptocurrencies for consumers across 28 countries.”
Hopefully, this new feature will help to drive the adoption of cryptocurrencies in general, as an easy-to-use, accesible, and efficient method of buying crypto assets, like Abra, is needed in a time where this nascent industry is widely misunderstood.
Casa Begins Work On LTC Support For Q4 2018 Release
Litecoin’s founder, who has been outspoken about his affection towards both the Bitcoin and Litecoin projects in the past, recently asked Casa, a popular Bitcoin-focused infrastructure firm, if its products would natively support Litecoin in the future.
Responding to Lee’s tweet, the startup has just revealed that it is, in fact, working on Litecoin support for its publicly-available Lightning Network Node. The firm intends to release Litecoin support during early Q4 of this year, which will evidently help to drive the growth and development of the long-awaited Lightning Network and atomic swaps.
TBH, I didn't expect @CasaHODL to be working on supporting LTC so soon. But it's responses like these that show it was the right decision to have Litecoin complement and not compete with Bitcoin. And when companies see the value-add of LTC, it's extremely easy to add LTC support. pic.twitter.com/OKkWWa0o50