Bittrex is rolling out more trading pairs for some of the most sought-after digital assets, which are seen as having promise to rise strongly on increased retail demand and popularity. The new pairs introduced will be XRP/USD and Ethereum Classic (ETC)/USD.
Bittrex is gradually introducing fiat pairs after receiving the permission, allowing unique direct purchases:
“As we continue expanding fiat markets to the top tokens on Bittrex, we’re not only offering customers a streamlined experience to purchase digital coins on Bittrex directly with US dollars, but we’ll also be offering customers USD trading pairs that may only be found on our platform.”
Bittrex already offers fiat pairing for Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and TrueUSD (TUSD).
After expanding the fiat pairs, Bittrex will become one of the few exchanges offering a fiat off-ramp for selling crypto assets, depending on user verification. The addition of XRP means the asset will be even easier to acquire for cash, potentially leading to its appreciation. But for now, XRP trading has a share of just 2.99% of the entire crypto market, with around 12% of its trades happening against the USD and about 14% against USDT.
After the news, XRP rose to $0.33, up 11% net in the past seven days. However, it remains far from the predicted levels of up to $5 based on widespread adoption.
ETC is slowly increasing its popularity, but this also does not translate into immediate price gains. It hovers at $13.24, remaining relatively stable in the past weeks. However, the asset is somewhat attractive for occasionally bucking the market trend.
“Ethereum Classic is in the midst of a smooth transition from being a utility token to a currency token. From the time that ETH split from ETC, the two have been drifting apart. By now, the most prominent resemblance between the two is in the name and history,” Mati Greenspan, senior market analyst at eToro, commented for Cryptovest.
Bittrex is one of the older exchanges fighting to regain ground lost. The market lists a unique array of coins and tokens, some of them unavailable on other platforms. The exchange is the fifth richest Tether wallet, with more than 180 million USDT injected in trading.