Article By David Olarinoye
is famously referred to as the junior brother of Bitcoin.
The founder of Litecoin, Charlie Lee, believes in Bitcoin but also believes that Bitcoin will grow to become a store of value like gold because of its small number of total supply. The total supply of Bitcoin is 21 million, but the total supply of Litecoin is 84 million.
The vision of Litecoin is to be the cryptocurrency used for everyday payments — like the fiat currencies we have today — while Bitcoin itself plays the role gold plays today.
Litecoin is a famous coin with a good community. Many of the top exchanges such as Binance, Coinbase, Huobi, KuCoin, OKEx, already trade Litecoin. Litecoin is often a necessary addition for crypto-to-crypto exchanges as it is often in demand.
Gemini is a centralized cryptocurrency exchange that is focused on fiat-to-crypto exchanges. The US dollar is accepted on the platform and can be used to trade any of the available cryptocurrencies. Currently, the cryptocurrencies available on Gemini are Bitcoin, Ethereum and Zcash. Zcash is a new addition to the exchange and it has trading pairs with BTC, ETH, and USD.
Now, Gemini has announced the addition of Litecoin to its platform. It is possible to deposit LTC into a Gemini account as of October 13, and trading is due to start October 16.
Litecoin has 4 trading pairs: USD, BTC, ETH, and ZEC.
Gemini brands itself as the most regulated cryptocurrency exchange and custodian. Its operations are overseen by the New York State Department of Financial Services (NYSDFS).
Gemini also plans to announce support for Bitcoin Cash, but because of the current uncertainty about the state of the cryptocurrency and the tendency that it might undergo another hard fork soon, the team is withholding their plans.
What the Gemini Listing Will Mean for LTC Price
It is not a new trend that the value of cryptocurrencies significantly increase when they are added to a big exchange.
This trend has been seen in recent times with the addition of 0x to Coinbase Pro, and the addition of ETC to Coinbase. In both cases, the price of the cryptocurrencies became significantly higher.
It is almost certain that the same will happen for Litecoin as it gets listed on Gemini. However, there are sometimes wild swings in prices during the period of listing as well, which can make or burn a crypto trader.
While the crypto bear market continues to linger, crypto investors who want to live through it must carefully manage trading risks.
The addition of Litecoin on Gemini gives a boost to the Litecoin community.
Moreover, with the Gemini exchange structured to embrace institutional investors, Litecoin is being positioned to become widely recognized in the institutional space.
Cryptocurrencies are here to stay. While mainstream adoption may take some time, platforms like exchanges help to fast-track its popularity. This is important as the industry develops into one that may transform money as we currently know it today.