Here's Why Litecoin And Polygoin (MATIC) Are Moving

Litecoin LTC/USD and Polygon MATIC/USD are trading higher by 5.88% to $85.11 and 6.91% to $0.66 Wednesday afternoon. The altcoin is trading higher amid strength in the price of Bitcoin following BlackRock's Bitcoin ETF application.

What Happened?

The cryptocurrency market is experiencing a notable upswing driven by several favorable developments, including the introduction of EDX Markets, a newly established exchange supported by prominent financial entities such as Charles Schwab, Fidelity and Citadel Securities.

These influential players from the finance industry are lending their backing to EDX Markets, contributing to the positive momentum within the market...Read More

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What Else?

Litecoin shares several similarities with Bitcoin, including its technology (based on the same underlying blockchain technology) and use case as a digital currency.

As Bitcoin gains value and recognition, it can boost confidence in the broader cryptocurrency market and validate the potential for alternative cryptocurrencies like Litecoin. Investors who believe in Bitcoin's success may also view Litecoin as a valuable investment option.

Meanwhile, Litecoin is often considered a "silver" to Bitcoin's "gold" due to its similarities in technology and codebase. Both cryptocurrencies share the same foundational blockchain technology and have similar characteristics, such as being decentralized digital currencies.

As Bitcoin gains value and recognition, it can reinforce the viability and potential of alternative cryptocurrencies like Litecoin. This can attract investors who see Litecoin as a valuable investment option.