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Litecoin Price Grows After BitMEX Reports Failures on its Trading Platform

ยท 09 Oct 2018 in Crypto News
Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

After a long period of stability, Litecoin (LTC) price has moved upwards 2.3% in the last 24 hours. This price behavior seems related to the fact that BitMEX is experiencing some issues with its trading platform. BitMEX is one of the most popular exchanges in the market. Additionally, the exchange allows users to operate with margin; allowing for something akin to “short selling” on its platform. 

Litecoin Registers 2.3% Increase

The markets are smiling on Litecoin. One of the most known and valuable virtual currencies, Litecoin, is growing after some days of stability. This virtual currency started this month close to $61 dollars but fell to $57 dollars on October 4. On October 8, it has registered the biggest gain during October after growing more than 3%. Some analysts are pointing to the lack of “shorting” as a reason why LTC price saw its gain. 

Litecoin moved from $57.1 up to $59.33 dollars in just a few hours. Its market capitalization has also grown after each LTC appreciated 3%. Now, Litecoin is being traded close to $59 dollars and has a market capitalization of $3.46 billion dollars.

During the last week, Charlie Lee, Litecoin’s creator, debated with Roger Ver about virtual currencies. During this conversation, Lee talked about Liteceoin and how payments on the Lightning Network differentiate from on chain transactions.

On the matter, he commented on Twitter:

“On-chain Bitcoin and Litecoin payments are not peer-to-peer. Payments are sent from sender to miners, who record it on a distributed ledger. The recipient receives the payment when it’s recorded. But, this is facilitated by a p2p network where transactions are broadcasted.”

Apparently, Litecoin has registered this sudden price increase because BitMEX is experiencing some problems. On Twitter, the company wrote that they have experienced WebSocket issues.

Bitcoin and other virtual currencies are also operating positively in the last hours. In the top 10, Cardano (ADA), EOS and XRP are registering the most important gains during the last day. ADA is increasing 5.65%, EOS 4.22%, and XRP 3.2%. At the same time, Bitcoin is trading 1.06% up and is being traded for $6.651 dollars.

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