A lot of people have assumed that altcoins would gain in value after recovering from the current Bitcoin price action. It is unclear exactly when that will happen, though. In particular, things are not looking all that great for the Litecoin price right now. Despite a push to US$54.43 less than a day ago, the price has since reverted to US$48.70 all of a sudden. It will be interesting to see what this Litecoin price momentum brings in the coming days.
The Litecoin Price is a Rollercoaster
It is evident the cryptocurrency markets will experience a very volatile period over the coming hours and days. Every time the Bitcoin price goes up in a significant manner, altcoins tend to suffer for an extended period of time. Right now, most alternative currencies are trying to keep losses to a minimum, but that is a lot easier said than done under the current circumstances. Litecoin is doing a good job, though, as its price has “only” dropped by 3.23% in the past 24 hours.
That being said, any sort of loss during the current Bitcoin price trend is to be expected. While a lot of altcoin supporters may not necessarily like to see this happen, it is something no currency can escape right now. The Litecoin price is still sitting at or slightly above US$50, even though many enthusiasts had expected it to be well above US$75 right now. That may still happen eventually, depending on how the markets evolve in the next few days and weeks.
For the Litecoin price, the past week has been filled with both hope and despair. The week started off great with a quick rise to US$52.50, although that didn’t last long. Despite two brief dips, the price eventually surpassed US$54, which was considered to be a rather positive sign. For some unknown reason, people then started pushing the Litecoin price down to US$48.70 all of a sudden, although that dip was bought pretty quickly.
With the Litecoin price now hovering around US$50, it will be even more interesting to see what the future will hold. One number worth keeping an eye on is the Litecoin trading volume, as it is anything but spectacular right now. More specifically, with just US$147.35 million of volume over the past 24 hours, Litecoin is seemingly struggling a bit.
With the Chinese exchanges nearly out of the picture, this lower volume is to be expected, though. Litecoin’s current top markets are GDAX, Bitfinex, and Bithumb. It is interesting to see GDAX at the top of this list for a change, as its LTC/USD trading pair currently brings in US$22.36 million. That’s a positive sign, as it shows the Litecoin demand is strong in the fiat currency markets right now.
Although the Litecoin price is lower than it could – or perhaps should – be at this point, there is no reason to grow concerned just yet. Good things will come to those who are patient. Unfortunately, patience is difficult to come by in the world of cryptocurrency these days. In a few days or weeks from now, people may look back at the LTC price of US$50 and wonder why they didn’t buy more.