One of the most established exchanges in South Korea, Korbit, has added support for an additional cryptocurrency, litecoin (LTC), known as the silver to bitcoin’s gold. Korbit has announced their introduction of litecoin on April 17, 2018, incentivizing their customers to trade litecoin by offering the top six traders prizes.
Within the cryptocurrency market, Litecoin is one of the top five; it is currently valued at a $136.73 and a market cap of $7.67 billion. The price of litecoin hits its lowest level in early February where it fell below $120.
The addition of litecoin to Korbit, which will begin trading April 18, will no doubt contribute to a higher volume for the altcoin and support its current recovery. South Korea is a hub for cryptocurrency and representatives from Korean exchanges, including Korbit, have expressed optimism regarding the country’s regulation.
The founder of Litecoin, Charlie Lee, stated he had donated 100 LTC (~$136,000) for the promotion mentioned above:
Tomorrow, @KorbitBTC will launch LTC trading. It's awesome that one of the oldest Korean exchanges will now support Litecoin. I still remember asking Korbit many years ago. 😀
I have donated 100 LTC for a promotion. See blog post for more details. 🚀https://t.co/f2H4HoJm9p
— Charlie Lee [LTC⚡] (@SatoshiLite) April 17, 2018
The Korbit exchange has a 24-hour volume of $16.6 million with bitcoin and ripple the most popular cryptocurrencies being traded. With the arrival of litecoin, it is likely it could knock ripple from the number two spot as litecoin is most similar to bitcoin.
Litecoin has seen other positive developments recently. On top of Korbits adoption, crypto debit card provider TenX recently announced litecoin-branded debit cards would be available as reported by BTCManager. Furthermore, in March 2018 the beta version of the Lighting Network Daemon (LND) was released for both bitcoin and litecoin.
The markets have reacted positively to the Korbit announcement, with litecoin gaining almost six percent against bitcoin at the time of writing. The LTC-BTC exchange rate (displayed below) hit a ten-day high on the Bitfinex exchange on the April 17 announcement.
LTC-BTC; Bitfinex; 4-hour