As the overall bearish trend remains in place, for the time being, it is only normal altcoins will come under a lot of pressure. Although last week was pretty good for Litecoin in many different ways, it appears that momentum has come to an end. The Litecoin price is struggling to remain above $40 right now, yet it seems the 0.01 BTC level should be maintained for the foreseeable future.
Litecoin Price Momentum Takes a Breather
One has to acknowledge last week saw some pretty crazy Litecoin action. Over the course of the week, the altcoin rose to the #4 market cap spot following a strong 40% gain. Sustaining such momentum seemed to be doable, although Bitcoin’s momentum decided to spoil that party rather abruptly. When Bitcoin loses value in quick succession, all other currencies will follow suit. Litecoin is no exception in this regard.
Over the past 24 hours, there has been a notable decrease in the Litecoin price. With a 5% drop in USD value, one LTC is now priced at $41.56. There is also an ongoing decline in LTC/BTC, with Litecoin losing 4.3% recently. Both of these trends are quite worrisome in their own regard, although it remains to be seen if things will get even worse or suddenly improve.
On the social media front, Litecoin is not doing all that bad either. Alan Austin sees the recent Wells Fargo as an opportunity for Bitcoin and Litecoin to gain more traction. In the past, incidents affecting major financial players have not necessarily made a meaningful impact on the cryptocurrency industry whatsoever. It seems unlikely this latest trend will be any different in that regard.
— Alan Austin (@alangaustin) February 14, 2019
The Litecoin Foundation also sent an interesting Tweet to the world not that long ago. While the message itself is not necessarily all that great, it is evident there are still plenty of people who do not own any form of cryptocurrency at this time. That also means there is a very big market waiting to be tapped by Litecoin and others. Convincing the masses of this new form of money has proven to be challenging so far.
It's estimated that 99.58% of the world does not own #cryptocurrencies yet🤯
— Litecoin Foundation (@LTCFoundation) February 13, 2019
NYK S is convinced the coming days and weeks may prove crucial for Litecoin and other cryptocurrencies alike. More specifically, he expects big movements from Litecoin, Ethereum, and the likes. That will only happen when Bitcoin maintains itself at the current level or better, though, which might not necessarily be as straightforward as people would expect.
If #Bitcoin price holds on $3600 for next 48 hr. Minimum 25% surge.
Next buy in #TRX & #XRP will only spread positive vibes.
3987 is still on but if Volume doesn't increase in coming days, market can't sustain at this level
— NYK S (@CryptoNYKS) February 14, 2019
Based on all of the market circumstances, it would appear the value of Litecoin should not drop too much in the coming hours. While it is certainly possible that situation will turn around in the near future, the current losses appear pretty severe already. As long as LTC/BTC maintains the 0.01 level, there should not be too much to be concerned about at this time.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.