It is proving to be an interesting day for some cryptocurrencies after all. Despite clearly overwhelming bearish pressure across the markets, it seems the Litecoin price is making some interesting moves. Decent-sized gains in USD and BTC value elevate the popular altcoin to a market cap of just under $2bn. Once Bitcoin goes in the green, everything else magically follows.
Litecoin Price Momentum Highlights Potential
It is more than evident the cryptocurrency markets all rely on Bitcoin’s momentum first and foremost. That situation will not change for the foreseeable future, which has caused a rather lengthy extended bearish trend. Even Litecoin has struggled to note some positive momentum for more than a few hours on end. It is an unfortunate trend, but one that applies to every single market out there right now.
Over the past 24 hours, there has been a 2.7% Litecoin price improvement in USD value. This elevates the value per LTC back to $32.84, which is a more than fair value at this time. On the BTC front, it seems the ratio has improved by 1.8%. It is pertinent for altcoins to note gains on Bitcoin to keep the momentum going for a while. Whether or not that can effectively happen, is a different matter.
Although no major ecosystem developments have become apparent for Litecoin, there is something interesting going on regardless. A new picture was shared by Alan Austin which shows some of the prominent people in the Litecoin developer community getting together for a dinner. It is evident meetings like these are what keeps Litecoin going right now.
@jimmykimmel was fun! Thanks for dinner @SatoshiLite. Great chillin’ with oscar nominated producer @CommonEnemyInc. @johnkim77 @ecurrencyhodler #LitecoinFam #PAYWITHLITECOIN pic.twitter.com/gqymGpn6yK
— Alan Austin (@alangaustin) January 24, 2019
When looking at the current Litecoin momentum, the price chart tells a very interesting tale. Considering how this gain was somewhat expected, alert traders could have pocketed an easy 9% profit in just one week. It has been difficult to come by any profits in the industry lately, yet it seems Litecoin has delivered the goods once again. Sustaining the uptrend is a completely different matter altogether.
— 100eyes Crypto Scanner 🌐 (@100eyesCrypto) January 24, 2019
For those who missed the chance to buy Litecoin at a lower value or aren’t willing to chase the top, arbitrage opportunities are always worth looking into. It would appear Litecoin is subject to a fair few price gaps across the different exchanges as of right now. A lot of good money can be made by exploring these price differences in the coming hours.
Buy at #Bitstamp and sell at #Bitfinex. Ratio: 1.41%
Buy at #Paribu and sell at #Bitfinex. Ratio: 0.91%
Buy at #Koinim and sell at #Bitfinex. Ratio: 1.69%
Buy at #Koineks and sell at #Bitfinex. Ratio: 1.20%#bitcoin #arbitrage #arbitraj #arbingtool https://t.co/xiFUPzcOcC
— Arbing Tool (@ArbingTool) January 24, 2019
Based on the current market conditions, it seems Litecoin should be valued a fair bit higher than it is right now. Massive trading volume usually results in higher prices, yet the uptrend is somewhat cautious and hesitant right now. That isn’t necessarily a bad thing, as slow and steady wins most races. However, once Bitcoin goes in the red again, Litecoin may follow suit in quick succession.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.