In massive news for the cryptocurrency community, Bittrex has launched USD markets for two of the most popular cryptocurrencies in the world, Tron (TRX) and Litecoin (LTC). This comes only a week after the cryptocurrency exchange platform announced that they would list the coins.
For those who are unaware, Bittrex is one of the world’s leading cryptocurrency exchange platforms, and boasts a daily volume of tens of millions of dollars, with almost 200 cryptocurrency pairs available for investors and traders globally. Bittrex announced the move on Twitter and clarified that the accounts had to have been created before September 4, even to be eligible to qualify.
Launch Update: TRON (TRX) and Litecoin (LTC) have been added to USD (Fiat) markets. Eligible #Bittrex accounts created before September 4 are enabled for trading. New user or want to deposit US Dollars directly? Request here: https://t.co/KA248OA2Bz pic.twitter.com/T7OgyqIDDY
— Bittrex (@BittrexExchange) September 17, 2018
This is great news for cryptocurrencies who are concerned about one cryptocurrency dominating the other, as now investors and traders can directly exchange USD for 10 cryptocurrencies. These include bitcoin (BTC) and ethereum (ETC) obviously, but also includes popular cryptocurrencies such as Cardano (ADA), XRP, ZCash, Ethereum Classic, and more.
This also is a significant milestone for Tron in particular, as this is the first time that Tron has been paired with the USD in the United States, which was celebrated by the founder of the Tron Foundation, Justin Sun, in a tweet.
— Justin Sun (@justinsuntron) September 18, 2018
However, it should be noted that these markets are not merely available to everyone. Actually, it can only be accessed for personal and corporate accounts. As if that wasn’t exclusive enough, the ones who benefit from the market are international investors. In the United States, the only ones allowed to participate must live in the following states: Montana, California, and Washington.
Customers will also be required to fill out a form, and get approved by the Bittrex, before trading the pairs. While the entire process might not be the most convenient, it does mean that an important milestone was reached for Bittrex as a whole, and that more people will potentially be participating in the market, and that cryptocurrency dominance will be affected, on some level.
Also, there are two separate services available: “USD trading” and “USD trading, deposits, withdrawals.” This allows the customer to customize the service to their specific needs.
While the initial inconvenience might deter many in the market, the idea is that Bittrex adapts to the market overall and provides more options when it comes to investors and traders who might want to purchase a particular cryptocurrency directly, rather than through bitcoin and/or ethereum.
This comes at a much-needed time for both Tron and Litecoin, which are trading well below their all-time highs.
For context, Litecoin is trading at a little over $50, with its all-time-high at over $375, and Tron (TRX) currently trades at less than two cents, with its all-time high at around 30 cents.
Their market caps hover at around 3 billion and 1 billion, respectively. This is great news for both projects, and will likely mean an increased amount of volume for both Tron and Litecoin, although time will tell whether this leads to a substantial price increase.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. The author is long Bitcoin. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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