Cryptocurrency markets are always evolving, which is part of what makes them so interesting. The Litecoin price is a perfect example of this, as the value per LTC is currently heading toward US$70. This move is occurring right as the Bitcoin price is attempting to regain control over US$8,000. Whether or not the Litecoin price will surpass US$70 again later today remains to be seen.
Litecoin Price Surge is Real
Over the past few days, there have been multiple attempts to push the Litecoin price to new heights. Earlier today, this positive momentum resulted in a steady climb toward US$72.50, but that price point could not be maintained all that long. That wasn’t entirely surprising, as any cryptocurrency gaining in value will eventually come down in price again. In the case of Litecoin, that price retraced to around US$66, but the upward momentum is far from over.
Considering that the Litecoin price has seen a few dips well below US$60 over the past week, the current momentum is all the more important. In most cases, we see altcoins tank in value whenever the Bitcoin price is rising quickly. Right now, we’re seeing rises in most of the top 10 altcoins even as the Bitcoin price inches closer to the US$8,000 level.
While it is evident the Litecoin price momentum is solidifying right now, there is never a guarantee as to whether such a trend will be maintained in the long run. Assuming it continues, we may very well see a new all-time high Litecoin price by the end of this weekend.
With over US$548 million in 24-hour volume, things are looking pretty good for Litecoin. There is a clear demand for Litecoin right now, whether or not it is for buying or selling purposes. Given the fact that Litecoin was quite big in China not too long ago, it is good to see this altcoin continuing to thrive without the help of Chinese exchanges. The activation of SegWit and newly revealed atomic swap capabilities are not going by unnoticed by traders either.
As is to be expected, Bithumb is the busiest exchange for Litecoin right now. That is not entirely surprising, considering Bithumb traders have shown a great interest in propping up the prices for all currencies supported by the platform. GDAX and Bitfinex round out the top three exchanges. It is good to see three fiat currency markets at the top of the list for Litecoin, although there are plenty of Bitcoin trading markets among the top 10 as well.
All of this goes to show there is a good combination of fresh money coming into cryptocurrency and existing money moving from coin to coin. In the case of Litecoin, we’re seeing most of the volume coming from fiat currencies right now, but there is also a fair amount of funds shifting from Bitcoin to Litecoin and vice versa. There is an interesting future ahead for cryptocurrency in general, especially with the total market capitalization inching closer toward US$250 billion.