Why the Price of Litecoin Is Rising Today
Over the last 24 hours, the price of Litecoin (CRYPTO: LTC) jumped nearly 8% as of 3:40 p.m. ET after the payments company MoneyGram (NASDAQ: MGI) announced that it would enable users to trade and store several cryptocurrencies, including Litecoin, on its app.
In addition to Litecoin, Moneygram will also allow users to trade and store Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH). However, with Litecoin having much less of a following and a much smaller market cap, the news did not move Bitcoin and Ethereum in the same way it boosted Litecoin.
MoneyGram's CEO Alex Holmes said in a statement: "Cryptocurrencies are additive to everything we're doing at MoneyGram. From dollars to euros to yen and so on, MoneyGram enables instant access to over 120 currencies around the globe, and we see crypto and digital currencies as another input and output option."
Source Fool.com
