With the Bitcoin price trashing all previous all-time high records once again, things are looking very promising. It remains to be seen if any of the alternative currencies can benefit from this momentum in the coming hours and days. So far, it seems Litecoin is doing exactly that. With the Litecoin price going back to US$52, a strong uptrend is forming.
Litecoin Price Momentum Mimics Bitcoin’s
In most cases, a rising Bitcoin price is unhelpful for alternative cryptocurrencies. Although this is not a popular opinion, it is merely a fact. Altcoins and Bitcoin hardly ever increase in value at the very same time, and that situation will not necessarily change in the near future. That being said, it appears Litecoin is trying to buck the trend, as the Litecoin price has increased by 2.67% over the past 24 hours.
This is not a spectacular gain by any stretch of the imagination. However, the Litecoin price is doing something most other altcoins are failing to achieve right now. With the Litecoin price going back to US$52, the uptrend we saw earlier this week appears to still be in full effect. It is unclear how things will evolve in the very near future, though,
It is certainly possible we will see more Litecoin price gains in the very near future. It all depends on how the Bitcoin price evolves. If the Bitcoin momentum becomes extremely bullish – which is highly likely right now – things may turn out pretty horrible for all altcoins, including Litecoin. Then again, it is equally possible the Litecoin price will go up simultaneously, as cryptocurrency markets are highly unpredictable at any given time.
One thing to keep in mind is that the Litecoin trading volume is not looking extremely healthy right now. Given all the focus on the Bitcoin price, that in itself is anything but surprising right now. With US$72,243 million in 24-hour trading volume, things look decent at best for Litecoin. If this volume were to grow during the remainder of the day, it would be interesting to see if the volume in the LTC/BTC markets picked up. Right now, that is not the case just yet.
Instead, we are seeing the primary trading markets for Litecoin involving the Korean won and US dollar. Bitfinex, GDAX, and Bithumb are leading the charge right now, although the difference is pretty minimal. Even the fourth exchange on the list could easily overtake these three in a matter of hours. It’s a very interesting situation, to say the least, even though no one knows for sure how things will evolve in the coming hours and days. It is not unlikely we will see the Litecoin price head to US$55 before a correction sets in, though.
In the end, these are pretty exciting times for the cryptocurrency industry as a whole. When the Bitcoin price goes up, good things are bound to happen to the ecosystem as a whole. Though it may take a while before most altcoins recover, Litecoin offers a glimmer of hope right now. Whether or not this will remain the case for the rest of the day is anybody’s guess.