The cryptocurrency market is rebounding today, after a brutal couple of weeks on the market. Ethereum (ETH), Litecoin (LTC), and Monero (XMR) are among the coins making the biggest surge this morning.
Recently, the market hit its year-low, and many of the coins reached their yearly lows as well.
Let’s take a closer look at these three coins and their latest developments.
Ethereum, the second-largest cryptocurrency by its total market cap, hit its year-low this week, sinking below $180. ETH hadn’t been under the $180 price point since late June of 2017.
Developers are steadily working on solutions to improve the scalability of the Ethereum ecosystem, but no solution has yet to be proven extremely effective. However, these things take time. Rome wasn’t built in a day, after all.
At press time, Ethereum is trading at $204.12 a coin, up 18.22% in 24 hours. It remains unclear what specifically boosted the price of ETH.
Litecoin, the seventh-largest cryptocurrency by its total market cap, also hit its year-low price this week. However, LTC has received a boost this morning and is currently seeing percentage gains above 10%.
We’re rolling out more USD pairs. On Sep 17 we’re launching US dollar (USD) markets for TRON (TRX) and Litecoin (LTC). Eligible #Bittrex accounts created before Sep 4 are already enabled for USD trading. New user or want to deposit/withdraw USD? Details: https://t.co/KA248OA2Bz pic.twitter.com/21xA8xZ4vm
— Bittrex (@BittrexExchange) September 12, 2018
Next Monday, Bittrex will be launching the LTC/USD trading pair. The US-based cryptocurrency exchange announced this yesterday, and this very well may be the cause of Litecoin’s price lift. Bittrex also announced the USD and TRON (TRX) pairing group, and TRX is currently seeing a price lift above 14%.
At press time, LTC is trading at $54.49 a coin, up 10.45% in 24 hours.
Monero, the ninth-largest cryptocurrency by its total market cap, is also seeing a boost this morning. However, it remains unclear why the price of XMR has boosted.
It may just be that investors are riding the green wave and diversifying their portfolios.
At press time, XMR is trading at $113.69 a share, up 12.30% in 24 hours.
Where do you think Ethreum, Litecoin, and Monero will go from here?
Featured Image: Depositphotos/© Syda_Productions