It seems very little is happening in the world of cryptocurrency right now. Bitcoin is losing a bit of steam and altcoins are bleeding value. Litecoin is one of the odd currencies in this regard. Although the Litecoin price is down in terms of USD value, it is in the green compared to Bitcoin. It’s an interesting trend, even though reaching US$60 seems to be out of reach for the Litecoin price right now.
Litecoin Price Momentum Remains Interesting
Most people would look at the current cryptocurrency charts and see boring momentum. While that is a valid perspective, there are some intriguing changes taking place. It takes some time to find these hidden gems, mind you, as the changes are not all that apparent on the surface. Especially where the Litecoin price is concerned, things will get pretty interesting this weekend.
Over the past 24 hours, we have seen the Litecoin price decline in USD terms. No real surprise there, as all altcoins are bleeding relative to USD right now. This is mainly due to the Bitcoin price dropping like a brick as well. Until this momentum turns around, the only way altcoins will gain value is through pump-and-dump cycles. Litecoin isn’t a part of such schemes, thankfully, although this fact makes the LTC value quite boring to look at.
One thing to keep in mind is that altcoins have two different values worth keeping an eye on. The US dollar value only tells part of the story, for obvious reasons. Every altcoin is also valued against Bitcoin. The Litecoin price is making some decent headway in this regard, as it is up by 1.37% over the past few hours. That in itself is pretty surprising and may hint that Litecoin will reach 0.01 BTC again in the future.
All of this will heavily hinge on whether or not Litecoin can generate enough trading volume over the weekend. So far, the numbers are anything but stellar. Just under US$75 million worth of LTC has changed hands over the past 24 hours, which is extremely low for such a popular and prominent altcoin. A lot of altcoin trading volume is being dedicated to Bitcoin Cash right now, by the looks of things.
In contrast, it doesn’t appear there is one exchange generating a lot of volume right now for Litecoin. While Bithumb is leading the pack, GDAX isn’t too far behind. Bitfinex rounds out the top three for now, but it may be surpassed by HitBTC before the day is over. A lot of exchanges have generated under US$5 million worth of 24-hour Litecoin volume right now, which is an interesting yet slightly worrisome trend. It is evident there is a lack of demand for LTC right now, although no one knows why exactly.
In the end, it remains to be seen how things will play out for the Litecoin price. The weekend is always a rather volatile and uneasy period for all cryptocurrencies and it doesn’t appear Litecoin will be able to escape this whirlpool over the next two days. The gain against Bitcoin is pretty significant, although it is doubtful we will see any major changes in the USD value for Litecoin this weekend.