The competition for who will be the leader in online cryptocurrency trading platform was increased as one of the major platforms Robinhood announced an update in its trading platform.
Although the market presently is sluggish and many did not expect this to happen presently due to the bearish nature of the market, that they will adding two more cryptocurrencies to their no-fee app.
Presently, the users of Robinhood could only trade on Bitcoin and ethereum which has the two most rated cryptocurrencies in market capitalization. But the two additional cryptocurrencies are litecoin and Bitcoin cash, which will increase the trading options in its free app.
In a blog post on Thurs July 12th,2018, Robinhood said, “Since we launched Robinhood Crypto in February, our customers have voiced interest in buying and selling other cryptocurrencies beyond Bitcoin and Ethereum,”
The company also said it has topped 5 million users across the entire Robinhood platform, helped by “significant momentum generated over the last several months with the introduction of Options and Crypto.”
Although many cryptocurrency users were shocked why Robinhood will be increasing their trading options for crypto when the market is bearish? This is a true observation since the platform also added Bitcoin trading in Feb 2018, after Bitcoin has gone down in value by more than 60% after it attained its present all time high of $20089 around the third week in Dec 2017. Presently, Since Feb till now after this update, Bitcoin has lost above 40% of its value.
Presently, the market is highly volatile to the bearish side and the two cryptocurrencies that will be added has lost a major part of their value since early Jan this year. Like, Litecoin had lost more than 70% of its value and Bitcoin cash had lost more than 57% of its value till the time of this writing.
It is possible that the trading volume of this two coins that are about to be added will be increased as it was always observed that that is always the case when there is a rumour to that, not minding that it has been confirmed by the company.
