As was to be expected, Bitcoin is not the only cryptocurrency noting some spectacular gains over the past 24 hours. The Litecoin price is also moving upward and seems to be on target to surpass $60 soon. This is a positive trend, considering how most altcoins tend to decrease in value when Bitcoin goes up. Solid momentum for the Litecoin price is in place, that much is evident.
Litecoin Price is Still Going Strong
As we mentioned in yesterday’s article, the Litecoin price was clearly on target to reach and surpass $55. Given Bitcoin’s current bull trend, that is less obvious than one would think, as the altcoin market is in a very rough state right now. Some currencies are already starting to gain on Bitcoin again, whereas others try to reduce losses to near zero. Litecoin is one of the altcoins effectively in the green right now, thanks to solid gains in both USD and BTC value.
To put this into perspective, the Litecoin price currently hovers near the $58.5 mark. That is a significant price gain over the past 24 hours, as the popular altcoin gained over 10%. Although most altcoins will somewhat benefit from a bullish Bitcoin price shift, it often doesn’t materialize until days or weeks after. Seeing Litecoin go up in parallel with Bitcoin is pretty spectacular, although it is not the only currency to do so right now.
With the Litecoin price on par to reach $60, things are looking good for the silver to Bitcoin’s gold. In fact, the Litecoin market cap has risen to above $3.11bn, which makes it one of the top altcoins in the market. It may even overtake Bitcoin Cash at some point, depending on how both currencies continue to evolve over the next few days and weeks. Right now, the momentum is clearly in LTC’s favor.
Thanks to $511m worth of 24-hour trading volume, we may see more Litecoin price gains before the weekend is over. The initial push to above $60 was canceled pretty quickly, but the momentum is still there to make a second run at it. Whether or not the momentum will result in Litecoin aiming for its previous all-time high again, remains to be seen. Everything looks favorable for LTC right now, but there is still a lot of speculation taking place as we speak.
With the Chinese exchanges almost out of the picture, it is time for South Korea’s Bithumb to claim the throne of the Litecoin market. Their lead over both GDAX and Bitfinex is rather substantial, to say the very least. Maintaining this position may prove to be somewhat difficult, though, depending on how much people are willing to pay for LTC in the coming days. Bithumb values Litecoin at just over $59 already, which may be a sign of what is yet to come.
All things considered, the Litecoin holders will be pretty happy with how things are unfolding right now. Especially those long-term holders who accumulated when LTC was valued in the single digits have no reason to complain whatsoever. Everything points toward the Litecoin price easily surpassing $60 later today, but maintaining that value will not be easy by any means.