Now that things are slowly going back to normal in the world of cryptocurrency, there are some interesting market movements to keep an eye on. Even though most of the top currencies are in the green, we still see a few coins lose value as well. The Litecoin price, for example, is down by several percents due to the botched launch of LitePay. It is interesting how these things affect the overall market.
Litecoin Price Takes a Small Hit
Considering how the Litecoin price has seen some positive momentum lately, some people may be surprised to see the value go down all of a sudden. Even so, that should not really be much of a surprise, considering how things tend to evolve in the world of cryptocurrency. Every positive trend is usually followed by a temporary retrace. This has been the case for several years now and the Litecoin price is no exception to this rule.
Over the past 24 hours, we have seen the Litecoin price go from $230 all the way down to $221. Ever since that time, the Litecoin price shot up by a few dollars again, which was followed by an even steeper decline all the way to just below $216. That latter dip was also bought up pretty quickly, but the Litecoin price failed tor each $225 once again.
As of right now, we are looking at a Litecoin price of $219, although it seems the downtrend will push this value well below $215 later today. The failed launch of the LitePay debit card probably has something to do with it, although it is possible other factors may need to be taken into consideration as well. With most other markets going up in value, it remains to be seen how the Bitcoin momentum will affect the Litecoin price later today.
There is still plenty of trading volume to go around, though. With $1.019bn in 24-hour volume, things look pretty solid for Litecoin. Unfortunately, it seems most of the trades result in Litecoin price losses rather than anything else, which is not really surprising. With the LitePay debacle in mind and the Bitcoin price going up, it is only normal altcoins suffer from a small setback at this time.
With OKEx dominating the Litecoin trading volume as of right now, it is possible we might see a small recovery at one point. Their USDT and BTC trading markets are well ahead of GDAX’s USD pair at this point. With some fresh capital entering the market, the Litecoin price may eventually bounce back. Overcoming that 10.89% loss in LTC/BTC ratio will not be easy, though.It will take a lot of money and effort to keep that ratio above 0.02 BTC, by the look of things.
For the time being, the future Litecoin price doesn’t look all that hot. At the same time, every big dip presents a new buying opportunity for long-term holders. There is no reason to think one LTC won’t be worth $500 or more in the future. When that will happen exactly, is a different discussion altogether. Although the current sentiment doesn’t look great, there is no reason to panic as far as the Litecoin price is concerned. Corrections happen quite regularly and the market always comes out stronger because of it.