Today is a good day to be a Litecoin holder; that much is certain. Whereas other altcoins have seen their prices increase over the past few days, we’re now witnessing the Litecoin value moving up pretty quickly. With a current price of US$61.7, things are looking pretty solid for LTC. It will be interesting to see if the Litecoin price can reach a new all-time high in the coming days.
Litecoin Price Breezes past $60 Again
Similar to most other altcoins among the top 10, Litecoin has gone through some struggles over the past week or so. After the Litecoin price dropped below US$60, no one knew for sure how things would play out in the end. When that price dropped well below US$55 shortly afterward, things started looking pretty bleak. 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 or when the next leg up may occur. This uptrend materialized about 12 hours ago, even though very few people actually expected it to occur out of the blue as it did.
With a 24-hour gain of 10.23% against USD, the Litecoin price is heading in a good direction. Whether or not this momentum can be maintained, however, remains the bigger question. It is also worth noting the Litecoin price has gained 6.96% on Bitcoin over this time period. That particular change is more interesting, especially considering that the Bitcoin price has been moving up at the same time. It’s an interesting development, to say the very least.
One thing clearly working in Litecoin’s favor right now is its trading volume. Compared to most other top alternative cryptocurrencies right now, Litecoin has a relatively high volume. Nearly US$500 million worth of LTC has changed hands over the past 24 hours, which is pretty significant. Most currencies struggle to generate over US$100 million in 24-hour volume, but Litecoin can easily do five times that. It is evident LTC has plenty of liquidity to go around right now.
Similar to most altcoins on the rise these days, the majority of Litecoin’s trading volume comes from the Bithumb exchange. It is unclear why this particular platform always heralds price increases for top altcoins, but it is also the case that none of these trends last very long. It will be interesting to see how long the Litecoin price can remain above US$60 once Bithumb traders move on to the next cryptocurrency. For now, no one knows exactly which currency that will be.
In the long run, we may see the Litecoin price hit US$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 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.
