Bitcoin Cash was previously in the spotlight, but now Litecoin has taken its place. The recent listing of these two cryptocurrencies on EDX Markets, a Wall Street-backed platform, has sparked renewed interest from investors. Both currencies were losing their prominence but have experienced a significant surge, with Litecoin particularly standing out by reentering the top 10 largest digital assets based on market capitalization.
According to Coingecko, the value of the Bitcoin fork has increased by 23.6% in the past 24 hours, reaching $104.63 per unit. This performance makes it one of the top-performing digital assets with a market cap of $7.7 billion.
One significant reason behind the renewed interest in Litecoin is its selection as one of only four cryptocurrencies available for trading on the EDX Markets exchange, which is backed by Citadel Securities and Fidelity. The selection was based on the expectation that regulators are unlikely to classify Litecoin as an unregistered security, similar to Bitcoin, Bitcoin Cash, and Ethereum.
The increased scrutiny by the U.S. Securities and Exchange Commission on the crypto industry, specifically targeting unregistered securities, has led EDX CEO Jamil Nazarali to express confidence that the four assets listed on EDX are not securities.
EDX, a new exchange supported by established traditional finance entities like Charles Schwab, Citadel Securities, and Fidelity Digital Assets, has attracted significant investment, contributing to a bullish market trend. However, the surge in interest cannot be solely attributed to Wall Street's influence.
Litecoin is also expected to undergo a "Halving" in the coming month, reducing the mining rewards by half and limiting the supply of digital coins. Similar events in the past, such as recent Bitcoin halvings, have led to bullish price movements.
Litecoin, created in 2011 by Charlie Lee, a former Google employee, aimed to provide a faster and more affordable alternative to Bitcoin by forking its blockchain. It sought to establish itself as a "Silver" counterpart to Bitcoin's "Digital Gold" by creating a cheaper peer-to-peer cash system. However, Litecoin had struggled to surpass Bitcoin in terms of adoption and had experienced a decline in popularity among investors in recent years. The current developments, however, indicate a potential reversal of its fortunes.
