Bittrex announced more USD pairs coming up in a few days. Could this be the reason why certain coins bounced up by more than 10% or is it just the overall market sentiment?
The exchange introduced the first USD (yes, fiat) pairs at the beginning of the summer with Bitcoin, USD Tether and TrueUSD. Over time, it listed paired USD with Ethereum, XRP, Ethereum Classic, Cardano, and ZCash as well. The last two pairs have only been added a few days ago, on September, 5th.
The next ones in the row are TRON and Litecoin, according to their official Twitter:
We’re rolling out more USD pairs. On Sep 17 we’re launching US dollar (USD) markets for TRON (TRX) and Litecoin (LTC). Eligible #Bittrex accounts created before Sep 4 are already enabled for USD trading. New user or want to deposit/withdraw USD? Details: https://t.co/KA248OA2Bz pic.twitter.com/21xA8xZ4vm— Bittrex (@BittrexExchange) September 12, 2018
Both coins noted immediate price gains following the announcement. Litecoin gained 11.27% since yesterday and trades at $53.75 at the time of writing and TRON overtakes with a 13.03% increase, priced at $0.019685 (304 Satoshi).
While it is quite difficult to distinguish what is happening in the market at the moment, since most coins are up all of the sudden, the charts suggest that the announcement itself had a significant effect over the two markets concerned. The previous two coins, however, ADA and ZEC, only noted some mild increases after they were announced at the beginning of the month, which implies that the overall market sentiment is more prominent than announcements when it comes to price swings.