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Bittrex instigates both Litecoin (LTC) and Tron (TRX) into the USD markets

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Tron Litecoin

In massive news for the cryptocurrency community, Bittrex has launched USD markets for two of the most popular cryptocurrencies in the world, Tron (TRX) and Litecoin (LTC). This comes only a week after the cryptocurrency exchange platform announced that they would list the coins.

For those who are unaware, Bittrex is one of the world’s leading cryptocurrency exchange platforms, and boasts a daily volume of tens of millions of dollars, with almost 200 cryptocurrency pairs available for investors and traders globally. Bittrex announced the move on Twitter and clarified that the accounts had to have been created before September 4, even to be eligible to qualify.

This is great news for cryptocurrencies who are concerned about one cryptocurrency dominating the other, as now investors and traders can directly exchange USD for 10 cryptocurrencies. These include bitcoin (BTC) and ethereum (ETC) obviously, but also includes popular cryptocurrencies such as Cardano (ADA), XRP, ZCash, Ethereum Classic, and more.

This also is a significant milestone for Tron in particular, as this is the first time that Tron has been paired with the USD in the United States, which was celebrated by the founder of the Tron Foundation, Justin Sun, in a tweet.

However, it should be noted that these markets are not merely available to everyone. Actually, it can only be accessed for personal and corporate accounts. As if that wasn’t exclusive enough, the ones who benefit from the market are international investors. In the United States, the only ones allowed to participate must live in the following states:

  • Montana
  • California
  • Washington
  • Puerto Rico
  • Arizona
  • Arkansas
  • New Mexico
  • North Dakota
  • Massachusetts
  • California
  • Colorado
  • Iowa
  • Kentucky
  • New York
  • West Virginia
  • Corporate customers operating in Pennsylvania
  • Missouri
  • Montana
  • Utah
  • Washington State
  • Wisconsin

Customers will also be required to fill out a form, and get approved by the Bittrex, before trading the pairs. While the entire process might not be the most convenient, it does mean that an important milestone was reached for Bittrex as a whole, and that more people will potentially be participating in the market, and that cryptocurrency dominance will be affected, on some level.

Also, there are two separate services available: “USD trading” and “USD trading, deposits, withdrawals.” This allows the customer to customize the service to their specific needs.

While the initial inconvenience might deter many in the market, the idea is that Bittrex adapts to the market overall and provides more options when it comes to investors and traders who might want to purchase a particular cryptocurrency directly, rather than through bitcoin and/or ethereum.

This comes at a much-needed time for both Tron and Litecoin, which are trading well below their all-time highs.

For context, Litecoin is trading at a little over $50, with its all-time-high at over $375, and Tron (TRX) currently trades at less than two cents, with its all-time high at around 30 cents.

Their market caps hover at around 3 billion and 1 billion, respectively. This is great news for both projects, and will likely mean an increased amount of volume for both Tron and Litecoin, although time will tell whether this leads to a substantial price increase.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. The author is long Bitcoin. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Photo by SpaceX on Unsplash

Altcoins

Solana Price Surges Beyond $100, Dethroning Ripple and BNB To Secure Fourth Place

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Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.

SOL Outlook

Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.

The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.

This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…

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Altcoins

Solana Price Skyrockets to 20-Month Peak Amidst Memecoin Frenzy

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Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.

Catalysts Behind SOL’s Rally

Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.

The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.

Cited figures provided by DeFi aggregator DeFiLlama

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Altcoins

Solana Price Breaches $60 Amid a Symphony of Bullish Indicators

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Solana price has jumped more than 8% over the past week, breaching the important level of $60. At the time of writing, Solana was trading 3% higher at $61.07. The asset’s total market cap has climbed to $25.9 billion over the past week, ranking it the 6th largest cryptocurrency after XRP. The total volume of SOL traded over the last day has declined by 8%.

SOL’s Bullish Cues

Solana’s price has been among the best-performing cryptocurrencies this year amid continuous growth. The “Ethereum killer” has consistently impressed investors throughout the year on the back of a resurgence in bullishness, which saw SOL’s price climb more than 513% in the year to date. Institutional investors have also shared the bullish sentiment, making Solana their most preferred altcoin.

In the week ending November 24, Solana recorded inflows worth nearly $3.5 million, significantly more than the other altcoins’ inflows combined. The asset’s monthly inflows were higher at $40.2 million, lower than Ethereum’s $99.6 million inflows in the same period. Other altcoins, including Litecoin and Ethereum, noted significant outflows, making Solana nearly half of the home for DeFi. This implies that when it comes to institutions, Solana is currently the best-performing altcoin with the potential of a long-term rally much higher than other digital assets.

Notably, the Solana DeFi ecosystem accomplished a significant milestone earlier this week. Its Total Value Locked (TVL) hit a new yearly peak of over $655 million,…

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