No one can deny Litecoin has been one of the more surprising cryptocurrencies this year. More specifically, the currency has shocked a fair few people in terms of its value. The Litecoin price now sits just below the US$75 mark, a value most people assumed unattainable for the silver to Bitcoin’s gold. Then again, cryptocurrency markets have an odd way of working themselves out in the long run. Right now, a lot of people are poised to see Litecoin go to US$100 and possibly beyond. Whether or not that will happen remains to be seen, though.
Litecoin Price is Surging Ahead
It is good to see Litecoin finally getting some of the recognition this currency deserves. Although it is an alternative currency, it is the first one to gain some traction after Bitcoin did so initially. Moreover, some of its recent technological advancements have helped the price appreciate quite a bit over the past few months as well. Litecoin implemented SegWit well before Bitcoin ever did and may very well have Lightning Network capability before Bitcoin as well.
Although some people will always refer to Litecoin as the “testbed” for Bitcoin development, one shouldn’t dismiss the LTC ecosystem so easily either. The project has a lot of momentum right now and is setting new standards in terms of cryptocurrency scalability. Although it lacks a bit in the merchant adoption department right now, Litecoin is still an incredibly useful altcoin – more so than some other currencies which are valued way higher and serve no real-life purpose right now.
That being said, the Litecoin price is now hovering around US$75 for the first time in history. Do keep in mind this currency was valued at less than US$4 in January of this year. People who had put US$100,000 into Litecoin at that time would have been called insane and money wasters. Right now, they are sitting on nearly US$1.75 million assuming they didn’t sell LTC in the past few months. Everything needs to be put into perspective when it comes to cryptocurrency; that much is evident. Litecoin follows the same path as Bitcoin, Ethereum, Monero, Dash, and a few others in this regard.
It is also worth mentioning Litecoin has a 24-hour trading volume of around US$1 billion. Although it is not the first time we have seen such a high number for Litecoin, it is certainly somewhat surprising to see it surpass Ethereum in trading volume. Then again, the cryptocurrency ecosystem is about much more than both Bitcoin and Ethereum these days; that much no one can deny. Litecoin is certainly trying to fight its way to the top as we speak. Right now, it is still the #5 cryptocurrency ranked by market cap, although a lot of people feel it should be much higher on the list.
Looking over the exchanges bringing in massive trading volume, it is evident Bithumb, OKCoin, and Huobi are crushing the competition as we speak. All of these exchanges combined generated over 53% of the global Litecoin trading volume, which is pretty impressive. Bithumb has been showing a growing appetite for some of the recently-added currencies in recent weeks. Litecoin is currently on its go-to list, although Bitcoin, Ethereum, Bitcoin Cash, and even Monero have been on there as well. One would almost start to wonder which currency will be next in this regard.
For the time being, it remains to be seen how the Litecoin price will evolve in the future. Right now, reaching US$100 seems perfectly feasible, although the timeframe in which this happens has yet to be determined. With the current Bitcoin price momentum, it is not unlikely some altcoins would see a minor retrace in the coming days. The markets will need to adjust to these changes sooner or later, although the USD values may very well remain the same.