Today may prove to be an interesting day for cryptocurrencies after all. With the Bitcoin price showing signs of recovery, it is now up to the altcoins to show their worth as well. This will not be an easy task, yet a lot of people are expecting big things from LTC. There is lots of lost ground to make up against both USD and BTC, and Litecoin’s market capitalization is inching toward the US$3 billion mark once again.
Is the Litecoin Price Ready to Take off?
Over the past few days, we have seen some promising signs related to the Litecoin price. More specifically, there has been a fair amount of Litecoin price suppression. Things have not dropped all that much, mind you, as it seems there has been a significant accumulation effort taking place at the same time. With the price close to US$56 at the time of writing, things may finally start turning around for the Litecoin price.
To put this into perspective, LTC has hit both sides of the US$55 price target on several occasions. Over the past 24 hours, there has been enough momentum to carry the price to US$56 and beyond. A one dollar difference may not matter much to most people, but it shows we may see some healthy growth sooner rather than later. Whether or not that trend will effectively materialize, however, remains a big question for the time being.
A lot of people want to see the Litecoin price hit US$60 and even US$70 again in the near future. Such a positive outlook may be a bit too optimistic right now, although there is no reason not to keep an eye on this market as it evolves. After all, a lot of positive things are happening for Litecoin behind the scenes, including atomic swaps and some developmental updates expected in the coming months.
One thing that is a big concern right now is how Litecoin has very little trading volume. Although US$86.5 million is higher than the 24-hour volumes of some other top 10 cryptocurrencies, it is on the very low side for Litecoin. This is not exactly a troublesome sign if things improve, but at this point, it seems unlikely we will see a major change. This trading volume shows there is still a growing demand for LTC, although the price may not necessarily move all that much right away.
Considering that Bithumb and GDAX are the only exchanges seeing over US$10 million worth of Litecoin trading volume right now, it will be interesting to see which others can be of importance in this market over the next few hours. Bitfinex is on course to reach US$10 million before the day is over, but otherwise, no other company comes even remotely close right now. Then again, if all smaller exchanges were to add US$1 million throughout the day, there would still be plenty of LTC trading to go around.
So far, the daily trend for the Litecoin price seems to indicate good things will happen either today or tomorrow. How positive these changes will be remains anybody’s guess for the time being. Elevating the Litecoin price back to US$60 and beyond will not be an easy feat. Particularly with the low trading volume, things could go the other way pretty quickly. This market is well worth keeping an eye on throughout the day, though.