South Korea’s second-largest cryptocurrency exchange, Coinone, has added Litecoin to its trading platform. The news broke yesterday, with several media outlets reporting on the story. Litecoin’s creator Charlie Lee also confirmed the development.
“Korean exchange Coinone just added Litecoin,” Lee said excitedly on Twitter.
Coinone’s integration is great news for Litecoin, which is often referred to as “the silver to Bitcoin’s gold”. With other cryptocurrencies stealing the spotlight, Litecoin has remained way off its early-September highs of over $90. The Coinone listing could be the catalyst for another Litecoin rally.
South Korea is an important market for Litecoin, as the nation’s largest crypto exchange, accounts for a large portion of all LTC trades. The new listing will increase Litecoin’s exposure to South Korea’s vibrant cryptocurrency sector.
The news hasn’t made an immediate impact on the Litecoin price (LTC/USD), as it seems that LTC trading on Coinone has gotten off to a slow start. Yesterday’s reports noted that the platform had processed $3.2 million worth of Litecoin-to-Korean won trades within the first 24 hours, capturing 2.2% of the global market activity. Today’s numbers are less impressive, with Coinone accounting for less than 1% of Litecoin’s 24-hour volume of $91 million.
Meanwhile, the US-based GDAX platform captures 12.6% of the volume, while Bithumb follows closely with 9.6%.
In today’s trading, the Litecoin pric stood at $56.22, as of 15:22 GMT. The cryptocurrency has lost 0.75 of its value over the past 24 hours, according to data from Coinmarketcap.
For further information on how to buy and trade Litecoin, see our comprehensive Litecoin guide.