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Litecoin unexpectedly became the best asset in the top 30 cryptocurrencies rating at the end of yesterday, showing an increase in capitalization by 11%. The rise of LTC coincided with the general fall of digital currencies, which falls under the signs of a classic pump, given the insignificance of the reason for speculative purchases of the altcoin.
The international payment system MoneyGram has added Litecoin to the list of supported cryptocurrencies, along with BTC and ETH.
This news, for a coin with the lowest developer activity and the lack of investor interest in it since June of this year, made LTC an ideal pump candidate. Low trading volumes allowed speculators to easily overcome the resistance of the bears using the “short-wing” for growth.
Orders that limit the loss from LTC sell positions, triggered in the course of the growth of quotations, accelerated their rise. As a result, Litecoin has risen to 20th position in the rankings and overcome the important May resistance on this year’s chart.
The rise of UNUS SED LEO often comes at the same time that the cryptocurrency market is falling. Investors have chosen the Bitfinex exchange liability token, issued in 2018, as a defensive asset.
The LEO cryptocurrency is periodically redeemed by the cryptocurrency exchange for 27% of its profits. This is a loan condition, at one time the token helped the company cover the “hole” in the Tether USD fiat security fund.
At the beginning of the year, Bitfinex opened up the opportunity to receive from the US Department of Justice $ 3.6 billion in cryptocurrency confiscated from hackers, stolen during the hacking of the exchange 6 years ago. The company promised to use it to buy back the LEO token over a period of 18 months.
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