Litecoin Market Capitalization Rockets Above $1 Billion USD After Coinbase Announcement

On Wednesday, Litecoin (LTC) became the fourth most valuable cryptocurrency in the world , vaulting to a record valuation of $1.05 billion. Speculative and investment capital poured into Litecoin after U.S.-based exchange Coinbase formally announced support for the digital currency on Wednesday morning.

Ankur Nandwani, product manager at Coinbase, said the integration of LTC is part of the company’s strategy to gradually expand its offering of cryptocurrency trading pairs, "This is part of our shift to supporting more types of digital assets over the coming year.,” writes Nandwani.

“At Coinbase, our mission is to create an open financial system for the world.,” he adds.

While Litecoin posted double-digit percentage gains in March (106.16%) and April (78.10%), today’s news sent the LTC/BTC exchange rate to its highest level in 21 months.

At 12:45 p.m. on Wednesday, the Litecoin/Bitcoin exchange rate went as high as 0.015 on Poloniex. And on Coinbase’s GDAX exchange, the LTC/USD rate surged 123 percent:

GDAX charts show investors/speculators were willing to pay up to $36.00 per Litecoin!

On other popular exchanges such as Kraken and Bulgaria-based BTC-E, LTC/USD rates went as high as $22.46 and $19.80, respectively.

Golden bull graphic by Pictures of Money

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