Litecoin (LTC) rose more than 10% on Wednesday, outperforming bitcoin (BTC) to top the list of the best-performing major cryptocurrencies after PayPal confirmed it’s entering the cryptocurrency market and included LTC on the list of cryptos its customers will be able to buy, sell and hold.
- LTC, the ninth-largest cryptocurrency by market value, jumped more than 10% to $52.90, the level last seen on Sept. 3. At press time, it’s up 9.71% to $52.07.
- The surge came after PayPal, with 346 million active accounts around the world, pledged to make cryptocurrency “a funding source for purchases at its 26 million merchants worldwide.”
- Initially, the service supports BTC, ether (ETH), bitcoin cash (BCH) and LTC, the payments giant said.
- The announcement acted like rocket fuel to the crypto market overall as it may be a step to bringing crypto usage one step closer to the mainstream.
- BTC, the crypto market leader, jumped 6% to a fresh 2020 high of more than $12,700 before settling down to $12.688, up 5.99%, while ETH and BCH rose 4% and 7%, respectively.