Litecoin price (LTC/USD) rallies towards $80 on Wednesday

The Litecoin Foundation acquires a minority stake in German bank

Litecoin price (LTC/USD) rallies towards $80 on Wednesday

Litecoin (LTC) has been the best performer in the crypto top 10, having gained more than 3% in the past 24 hours.

The sixth-largest digital currency saw some significant losses on Tuesday, mirroring a downtrend observed across the wider cryptocurrency market. The decline persisted throughout the morning part of the session, causing Litecoin to hit a near-two-week low of $75.38 in early afternoon trading. The digital coin attempted to recover some of its losses in subsequent trading, but its advance was hindered by a late drop. Litecoin eventually finished the day at $76.08, significantly lower than its opening price of $80.78.

The coin’s performance has improved markedly in today’s trading, which allowed its price to revisit the $80 mark in the afternoon. Litecoin has pulled back slightly in recent trading and is currently hovering around $79.

The impressive rebound may have been triggered by reports that the Litecoin Foundation, the organisation that supports the cryptocurrency, has acquired a minority stake in a German bank, as part of an agreement with crypto-to-fiat payments firm TokenPay.

According to industry website CoinDesk, TokenPay has passed ownership of a 9.9% equity stake in WEG Bank AG to the Litecoin Foundation, in exchange for the foundation’s technical assistance in advancing the bank's plans to bring cryptocurrency payment solutions to customers. Under the terms of the agreement, the foundation will also be working with TokenPay on its various blockchain projects.

“I'm looking forward to integrating Litecoin with the WEG Bank AG and all the various services it has to offer, to make it simple for anyone to buy and use Litecoin," Charlie Lee, managing director of the Litecoin Foundation, said, as quoted by Coindesk.

In today’ trading, the Litecoin price stood at $78.84, as of 15:33 BST. The digital coin has gained 3.4% in the past 24 hours, according to data from cryptocurrency tracker Coinmarketcap.

For further information on how to buy and trade Litecoin, see our comprehensive Litecoin guide.

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