Today is a good day to be a Litecoin holder, that much is certain. Whereas other altcoins have gotten their price increase over the past few days, we now see the Litecoin price moving up pretty quickly. With a price of $61.7, things are looking pretty good for LTC. It will be interesting to see if we can reach a new all-time high Litecoin price in the coming days. Litecoin Price Breezes past $60 Again Similar to most altcoins in the top 10 ranked by market cap, Litecoin has gone through some struggles over the past week or so. After
Today is a good day to be a Litecoin holder, that much is certain. Whereas other altcoins have gotten their price increase over the past few days, we now see the Litecoin price moving up pretty quickly. With a price of $61.7, things are looking pretty good for LTC. It will be interesting to see if we can reach a new all-time high Litecoin price in the coming days.
Litecoin Price Breezes past $60 Again
Similar to most altcoins in the top 10 ranked by market cap, Litecoin has gone through some struggles over the past week or so. After the Litecoin price dropped below $60, no one knew for sure how things would play out in the end. When that price dropped well below $55 shortly after, things started looking pretty bleak in quick succession. Then again, cryptocurrency markets have a way of evolving in very different directions over time
That being said, the past few days have been relatively boring for Litecoin. With no notable gains in the Litecoin price department, there was little reason to pay much attention to this altcoin. Then again, one never knows how things will play out in this regard or when the next leg up may occur. This leg up materialized about 12 hours ago, even though very few people effectively expected it to happen out of the blue like this.
With a 10.23% gain in USD value, the Litecoin price is effectively heading in a good direction. Whether or not this momentum can be maintained, remains the bigger question, which is not easy to answer right now. It is also worth noting the Litecoin price has gained 6.96% against Bitcoin itself. This particular change is more interesting, especially when considering how the Bitcoin price is still moving up at the same time. An interesting correlation, to say the very least.
One thing clearly working in Litecoin’s favor is the trading volume. Compared to most other alternative cryptocurrencies in the top right now, Litecoin has a lot more volume. Nearly $500m worth of LTC has changed hands over the past 24hours, which is pretty significant. Most currencies struggle to get to over $100m in 24-hours, but Litecoin can easily do five times that without too many problems. It is evident LTC has plenty of liquidity to go around right now.
Similar to most price increases for altcoins these days, the majority of trading volume comes from the Bithumb exchange. It is unclear why this particular platform always heralds price increases for the top altcoins, but it is certainly true none of these trends lasts very long. It will be interesting to see how long the Litecoin price can remain above $60 once the Bithumb traders move on to the next cryptocurrency. For now, no one knows exactly which currency that will be, though.
In the long run, we may see the Litecoin price hit $65 before the momentum quiets down again. No one can deny there is a lot of “pumping” going on in the cryptocurrency world right now, especially where the altcoins are concerned. Things may look good right now and turn to utter crap in a few hours. No one knows what the future will bring, but it is always best to take profits whenever the opportunity presents itself.