South Korea's largest exchange Bithumb adds support for Litecoin transactions, becoming the world's third largest Litecoin market

Litecoin prices have surged since the community decided to activate Bitcoin Core’s transaction malleability fix and scaling solution, Segregated Witness (SegWit). The rise in demand for Litecoin has prompted digital currency exchanges in some key regions to add trading support for Litecoin users and investors.

Litecoin has just been listed on BitHumb, the largest exchange in South Korea. The exchange's Litecoin trading volume is already ranked third in the world. — Litecoin founder Charlie Lee (@SatoshiLite) May 7, 2017”

Recently, Litecoin founder and Coinbase engineering director Charlie Lee revealed that South Korea's largest digital currency exchange Bithumb has integrated support for Litecoin trading. As soon as Bithumb officially announced the news, Litecoin's daily trading volume immediately soared from about $80 million to $174 million. In addition, Bithumb established itself as the world's third largest Litecoin exchange in just a few days.

According to various digital currency market data providers including CoinMarketCap, Bithumb has secured its position as the world’s third largest Litecoin exchange, accounting for 8.3% of the global Litecoin daily trading volume. Currently, Bithumb Litecoin daily trading volume is $145 billion, which is higher than both BTC-e and Bitfinex.

Ethereum to Litecoin?

It was revealed that on May 5, South Korea officially became the world's largest ETH exchange market, with a daily trading volume of US$105 million, accounting for 21% of the global ETH exchange market share.

South Korea is now officially the world's largest ETH exchange market with a 21% market share, ahead of the United States and China. — Joseph Young (@iamjosephyoung) May 5, 2017

Cointelegraph believes that this explosive growth of ETH is due to the local community's concerns about Bitcoin's scalability issues and exchanges being attacked. In fact, according to Babbitt's previous report, when the Korean Bitcoin exchange Yapizon claimed to have been attacked and lost Bitcoin, the trading volume of competing coins on local digital currency exchanges skyrocketed, including Ripple and ETH.

According to Jake Kim, a South Korean developer and Bitcoin researcher, Litecoin has begun to attract interest from the local community and investment. Kim explained that some communities are considering investing in Litecoin, which justifies the explosive growth in the Bithumb Litecoin market.

While it is difficult to generalize the overall impact of South Korean exchange Bithumb’s integration of Litecoin support on its price, speculators are increasingly optimistic about Litecoin’s price due to its scalability approach and the emergence of an innovative market.