It seems all cryptocurrency markets may effectively see another small uptrend in the future. While the Bitcoin price is moving up once again, some other altcoins have taken a slightly it in value, for some reason. The Litecoin price is a bit different in this regard, as it effectively seen a 7.96% increase in the past 24 hours. As such, the Litecoin price is now approaching the $250 mark once again, which is a positive development.
Litecoin Price Aims to hit $250 Again
With all cryptocurrency markets still struggling to sustain their short-term gains, it is evident the volatility is still present in the cryptocurrency world as of right now. Even though these currencies have always been subject to volatility first and foremost, it seems we may still see a nice uptrend in the coming days. For now, it seems most markets have reached a status quo or suffer from a slight loss, although that situation will turn around eventually.
In the case of the Litecoin price, it has become apparent there is still plenty of room for short-term gains as of right now. More specifically, we have seen the value of Litecoin push to $250 once again, which further confirms the uptrend which was established around a week ago. At that time, the Litecoin price seemed stuck around the $160 mark, but it has appreciated rather nicely ever since. Most of these Litecoin price gains were established several days ago, although a new smaller trend is forming on the charts over the past 24 hours.
More specifically, these past 24 hours have resulted in another 7.96% gain for the Litecoin price. Although that may not seem like all that much, it is a gain which materialized during a time the Bitcoin price is going up in value as well. Speaking of which, the LC/BTC ratio has improved by 3.79% in favor of the altcoin. As of right now, one Litecoin has a value of 0.02137 BTC, which is a strong increase compared to just a week ago.
With $1.39bn worth of trading volume in the past 24 hours, no one will deny things are looking pretty good for Litecoin as of right now. Even though this trading volume is a lot higher than what most altcoins can generate as of right now, one has to keep in mind there will be plenty of profit taking along the way as well. For now, it seems the number of buyers is greater than the number of people looking to sell, but things tend to turn around rather quickly in the cryptocurrency world.
OKEx continues to dominate the cryptocurrency landscape when it comes to Litecoin as of right now. This exchange has quickly risen to the top for some altcoins, and their LTC trading pairs are extremely popular as of right now. GDAX is in second place, even though they are nearly $25m behind OKEx in terms of trading volume. OKEx’s BTC trading market is in third place, which is rather interesting. It doesn’t happen all that often their USDT pair is more popular than the BTC market, but things tend to evolve in rather interesting ways in this industry.
For now, we will have to wait and see what the future holds for the Litecoin price. Things look pretty solid as of right now, even though there is no guarantee we will see a Litecoin price of $250 or higher later today. That being said, the current momentum seems to be turning rather bullish, which means more long-term gains are on the horizon. Rest assured a lot of people will keep an eye on the Litecoin market in the coming days and weeks.