It seems as if the cryptocurrency markets are preparing for another round of bearish pressure. Thankfully, some altcoins are still putting up a good fight.The Litecoin price, for example, is still in the green. As of right now, we are looking at a Litecoin price of $129, and surpassing $130 is still quite possible.
The Litecoin Price is Still Bullish
Finding any positive note for the cryptocurrency markets throughout the past three and a half months is pretty difficult. The same goes for the Litecoin price, as it has seen its fair share of market volatility. Ever since dropping from $303, the Litecoin price has not seen too much positive momentum as of late.
Even though there was one spike to $232 in February, the overall trend has been rather negative overall. At one point, it seemed as if the Litecoin price would drop below $100, even though that has not happened as of yet. As of right now, we are looking at another small leg up, thanks to a decent 4.22% increase over the past 24 hours. It is nothing to get overly excited about whatsoever, but it’s still better than what we have seen since mid-February.
As one would expect from an altcoin going up in value, Litecoin is gaining on Bitcoin. With a 4.76% gain over BTC in the past 24 hours, the Litecoin price is appreciating nicely. Even though the Bitcoin price is showing signs of taking again, it remains to be seen how this will affect all of the altcoins in the market accordingly.
On the trading volume front, things are not looking all that bad for Litecoin as of right now. More specifically, we see $376.82m in Litecoin trades over the past few hours, which is on par with most other top currencies. However, the market still suffers from a lower overall trading volume, and it will be interesting to see if Litecoin can pick up the pace in the process
GDAX is still leading the charge in terms of Litecoin trading volume. Even so, OKEx has two trading pairs in the top three which outperform GDAX in overall volume. With just three fiat currency pairs in the entire top 10, there is still a long way to go until we can speak of an actual Litecoin price recovery.
How all of this will evolve in the coming hours and days, remains to be determined. It is evident the cryptocurrency markets are not out of the woods by any means, even though things may finally start to improve sooner rather than later. For the time being, the Litecoin price trend will mainly hinge on how Bitcoin performs. Given the current brittle stability in that department, things may not necessarily improve by much in the coming days.