Litecoin Skyrockets Amid PayPal’s Crypto Push
Litecoin (LTC) saw a significant surge on Wednesday, climbing over 10% and outperforming Bitcoin (BTC) as PayPal confirmed its expansion into the cryptocurrency market. The payments giant announced that it will allow users to buy, sell, and hold Litecoin, alongside Bitcoin (BTC), Ethereum (ETH), and Bitcoin Cash (BCH).
PayPal’s Entry Fuels Market Excitement
PayPal, with over 346 million active users worldwide, revealed that it will integrate cryptocurrencies into its payment system, making them a viable funding source for 26 million merchants globally. This major adoption step has ignited fresh enthusiasm in the crypto space, with investors seeing it as a move toward mainstream acceptance.
Market Reaction: Bitcoin Gains, But Litecoin Shines
Following PayPal’s announcement, Bitcoin reached a new 2020 high of $12,700, marking a 6% gain before stabilizing at $12,688. Ethereum and Bitcoin Cash also saw upward trends, rising 4% and 7%, respectively. However, Litecoin emerged as the standout performer, surging by 12% to $52.64, a price level last seen on September 3rd.
Liquidity Challenges for Litecoin
Despite the surge, market analysts have pointed out that Litecoin’s lower liquidity compared to Bitcoin may have amplified the price movement. Meltem Demirors, Chief Strategy Officer at CoinShares, noted that Litecoin markets are “thinly traded” with limited avenues for traders to express sentiment beyond spot trading.
While Litecoin’s sharp rally reflects the optimism surrounding PayPal’s crypto integration, its long-term impact will depend on sustained market interest and liquidity improvements.
Latest Crypto Market Prices
- Bitcoin (BTC): $86,018.97 (-0.57%)
- Ethereum (ETH): $2,181.66 (+1.94%)
- Litecoin (LTC): $100.34 (-4.68%)
- XRP: $2.3307 (-1.64%)
- Cardano (ADA): $0.8124 (-1.78%)
- Solana (SOL): $138.65 (-0.44%)
- Dogecoin (DOGE): $0.1905 (-3.83%)
- Avalanche (AVAX): $20.11 (+1.12%)
With PayPal stepping deeper into the crypto space, Litecoin’s rally might just be the beginning of a broader shift toward cryptocurrency adoption in mainstream finance.