Litecoin was given a big boost Tuesday when the American Express-backed crypto trading app Abra solidified its decision to use Litecoin smart contracts feature to power its products, gaining as much as a 15% in trading price over the day as reported by Business Insider.
If Abra can attract a significant amount of users it will further drive demand for Litecoin which in turn could reduce the circulating amount of LTC, pushing the trading price up. If nothing else Abra’s decision to choose Litecoin over Bitcoin or Ethereum adds credibility and may boost investor confidence in its future.
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