Litecoin Price Roller Coasters on Aliant and Abra Deal
Despite being one of the largest cryptocurrencies, and announcing partnerships with Aliant and Abra, Litecoin still stands at a low of $113.71 USD in an overall declining crypto market with a cap of $6,361,455,370.
The cryptocurrency is enjoying a brief recovery phase that spillover from the weekend trading. LTC/USD is up 3.3% in the last 24 hours on Monday after the breakout saw it traded above $120. However, it capped at $122 level.
Furthermore, the currency started off the previous week at a price of $113. It reached the week’s high of $136 early on. However, it constantly declined from there. The Litecoin market cap at the beginning of the previous week was $6.34 billion. It reached $7.6 billion and ended the week at $6.5 billion.
Litecoin Partners with Aliant, the official payment processor
Litecoin has started integrating with Aliant, a payment system provider which works with small businesses and medium scale operations.
“The Litecoin Foundation is pleased to partner with Aliant Payment Systems for Litecoin payment processing,” said Charlie Lee, Litecoin creator. “Aliant offers a well-rounded solution for merchants to accept Litecoin easily with a physical point of sales terminal (via Poynt), virtual sales terminal, and custom API integration.”
Talks were happening on from early February. Litepay had expressed interest in expanding and working with small to medium scale merchants.
“Our merchants look to us for innovative ways to transfer money safely, securely, and cost-effectively,” said CEO Aliant Eric Brown. “Cryptocurrency allows us to move money in all of these ways, while also offering consumers more payment options.”
The partnership between Litepay and Aliant is a step on the right track for both companies. With Aliant, this can entice small-scale traders to embrace crypto. In result, it is a sign of the increasing market adoption if cryptocurrencies among the general populous.
Litecoin and Abra Partnership
Abra, the financial and technology company that produces peer-to-peer mobile payment announced a major commitment to the cryptocurrency.
Backed by American Express, Abra is utilizing Litecoin platform smart contracts for its payment globally. It also announced that the digital currency became the 2nd asset next to bitcoin.
In addition, there is a potential that the digital currency can become the primary assets. All these statements are announced during the Reddit AMA.
Moreover, the cryptocurrency rose up to 13% after a couple of hours during that period of time. This sparked a lot of hype only for the Litecoin prices to plunge.
The reaction from the market showed a lot of anticipation. Both critics and enthusiasts and the price jump and dip hinted the frustration in the market.
However, this wasn’t much of a bad situation with the Litecoin creator.
“Like everyone else, we got too excited about something that was too good to be true and we optimistically overlooked many of the signs,” said Lee.
The creator has clarified that Litecoin Foundation and Abra “partnership” only allowed the former use the open source code.
On the other hand, the failure though does not reflect on the platforms ability to deliver on its promises. The nature of the deal is to increase the gains of both parties and not to reverse the current ones.
Get the latest economy news, trading news, and Forex news on Finance Brokerage. Check out our comprehensive trading education and list of best Forex brokers list here. Subscribe now and receive FREE updates on the market today!