A Boost To All Altcoins?

LTC ADDED TO BTC CHINA

            On Wednesday the 5th of March BTC China, a major Bitcoin exchange, added Litecoin to their site, allowing users to buy and sell Litecoin for Fiat currency. As is to be expected this resulted in a massive rise in the value of Litecoin from 14$ per coin to 22.50$ per coin, however the price quickly retraced and is now stable at between 16$ and 17$. The addition of Litecoin to a major Bitcoin trading site is something that the Litecoin community has been asking for for quite some time and it was originally thought that it would be implemented into MtGox first with their software update Midas, however with MtGox now insolvent and therefore not operating it is BTC China who has been the first to implement Litecoin.

WHAT COMES NEXT?

            While this is obviously a major boost to Litecoin’s reputation as a coin, what many people seem not to be realising is that it is also a major step forward for all Altcoins as a whole. Finally there is a site besides BTC-e which is willing to add an Altcoin to their trading platform, and you can be sure that other sited such as Huobi, Bitstamp and probably CoinBase will soon follow suit as otherwise BTC China will be taking a huge part of the market away from them. However the reason that this will affect more than just Litecoin is because it sets a precedent of the major exchanges, who previously have only dealt in Bitcoin and Fiat, adding other Altcoins. If once these sites have added Litecoin they get a good response from the community and their customers they are likely to add more Altcoins to their exchanges, such as PPC, NMC and DOGE. This also benefits them as this would cause more transactions and therefore more fees for them.

THE EFFECTS

            If these other Altcoins were to be added to the major exchanges as well as Litecoin it would have a massive affect on the coin. Firstly the price would rise, by a lot, this is because many of these Altcoins have quite low volumes and if they were to be added to a major exchange there would be more people trading, therefore higher volumes and therefore a higher price. Secondly the Altcoin that was added would get a lot more publicity as all Bitcoin news sites would report on it, and it may also be reported by a mainstream media company. This newfound publicity would lead to many more people into researching into crypto currencies in general, and possibly buying into the market which would also raise the price of the coin.

CONCLUSION

            To summarize, I am certain that other major Bitcoin exchanges will add Litecoin, the question that matters most is when. And after they have added Litecoin will they then add other Altcoins such as PPC, NMC or DOGE? This is something that is not yet clear and will depend largely on the reaction they get from the market when adding Litecoin, so if you want them to add other Altcoins make sure to tell them, once they have added Litecoin, how much you like it and that it would be even better if they were to add other Altcoins, give them feedback about it so they know how much we want it as they will only implement other Altcoins if they know that there is a market for them.

Leave a Reply

Your email address will not be published. Required fields are marked *