It has become evident that Bitcoin is not the only bullish cryptocurrency in town right now. Litecoin has shown a lot of positive momentum over the past few days as well. With the Litecoin price rising from around $50 to $69 over the course of a handful of days, there is plenty of reason to be excited about this altcoin. Good things continue to happen to the Litecoin price as we speak, and reaching $75 or potentially more remains a real possibility for now.
Litecoin Price Remains in Bullish Mode
It is good to see the Litecoin price finally get some appreciation from the rest of the cryptocurrency world. After falling from its previous all-time high of US$90 all the way down to below US$50, things were not looking all that great by any means. This happened during a time when Bitcoin also went into correction mode, although the world’s leading cryptocurrency eventually soared to a new all-time high not too long ago. For Litecoin, things have gone a bit differently, even though there is a lot of positive momentum in the market right now.
To be more specific, the Litecoin price has reached US$69.19 at the time of writing. This is yet another 17.5% gain over the past 24 hours in USD value alone. Additionally, LTC also gained 14.28% against Bitcoin, which is still near its all-time high as we speak. This ultra-bullish move for Litecoin will not go by unnoticed; that much is certain. It is unclear how high the Litecoin price can go, but US$75 is certainly within reach right now.
All of this momentum can be attributed to the strong Litecoin trading volume over the past 24 hours. With US$424.26 million worth of volume across all exchanges, things are looking extremely good for Litecoin right now. This volume makes LTC one of the most widely-traded cryptocurrencies as of right now. If this momentum keeps up, the trading volume will continue to increase and the price will go up even higher, by the looks of things.
No one will be surprised to learn that Bithumb is the leading exchange ranked by trading volume for Litecoin right now, followed by GDAX and Bitfinex. It is good to see the Chinese exchanges make a comeback as well, as OKCoin and Huobi are fifth and seventh on the list respectively. It is only expected we will see the Litecoin price momentum spill over into the next few days, as good things will continue to happen for this particular currency.
Although the Litecoin price momentum is pretty bullish right now, there is also a real risk of getting caught up in all of the momentum. Buying any currency near a temporary top can be quite problematic, to say the very least. Then again, there is still lots of room left for future price appreciation as far as Litecoin is concerned. It will be interesting to see how this venture plays out in the coming hours and days.