Today could prove to be a very good day for people still holding Litecoin as part of their portfolios. Although the past few weeks have been quiet, we’ve seen a nice move upward for the Litecoin price over the past 24 hours. Thanks to a 20% gain against USD and a 10% gain over Bitcoin, the Litecoin price is approaching the US$300 level once again. Some people would say this upward momentum is long overdue.
Litecoin Wakes Back Up
It is fairly obvious all cryptocurrency markets are slowly getting back on track. The end of 2017 and the first few days of 2018 didn’t offer much to get excited about except for a few apparent pump-and-dump schemes catapulting a few currencies into the top 10. The big coins – including Bitcoin and Litecoin – didn’t budge all that much. That situation is now changing, as things are finally picking up where we left off about two weeks ago.
More specifically, the Litecoin price is slowly moving toward the US$300 level once again. Although Litecoin surpassed this value once in the past 24 hours, many people simply took profits and waited for a lower point of entry. It seems highly unlikely there is much wiggle room in this regard, as the Litecoin price seemingly holds its own quite well in the US$285-$295 range. Small profits can still add up to major gains if coins are flipped several times in quick succession, though.
It appears this next leg up started materializing about 12 hours ago. When the Litecoin price was seemingly stuck in between US$240 and US$255, something changed all of a sudden. Subsequently, there was an uninterrupted ride to US$285, and after a small dip, a new push toward US$302. Ever since, the Litecoin price has not dropped below US$284 again. Do keep in mind that cryptocurrency markets are inherently volatile, and Litecoin will prove no different in this regard.
Thanks to US$2.06 billion in 24-hour trading volume, things are looking quite good for Litecoin right now. That volume had been a bit lower during these past two weeks, but it seems people are more than willing to exchange cryptocurrencies once again. Whether this is only a prelude to what is yet to come or a temporary uptrend is unclear. People who keep a close eye on the Litecoin price will be pleased with this development regardless.
The main question is whether or not fresh capital is entering the world of cryptocurrency. In the case of Litecoin, the trading volume is dominated by markets on GDAX and Bithumb, followed closely by OKEx and Bitfinex. Three out of these four markets are linked to fiat currencies, which seems to confirm that we have an influx of fresh money to contend with. If this trend keeps up, we may very well see the Litecoin price surpass US$325 before the weekend is over.
Weekends are always unpredictable when it comes to cryptocurrency trading, and that situation will not change anytime soon. While no one really expected to see the Litecoin price shoot up all of a sudden, we have to cherish these moments when they arise. For now, there is a good chance people will make decent money with Litecoin over the next two days, although things can always change on a whim.