Categories: CryptoNews

Litecoin Price on Course to Reach $60 Very Soon

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.

Related Post

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.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

Share
Published by
JP Buntinx

Recent Posts

WIF Set to Overtake BONK? Lunex Soars with 100x Potential in Altcoin Season

As altcoin season heats up, all eyes are on the rising stars—especially Lunex, which is…

3 hours ago

Binance Coin Price Dips: BNB Holders Rush To Lunex Presale To Hedge Their Long Positions

While the broader market witnessed a notable upward movement, Binance Coin (BNB) experienced a decline…

3 hours ago

Crypto Stalwarts Forecasted 800% Growth in Innovative Projects: VeChain, Rollblock and Polkadot!

This blazing crypto bull run has investors looking for the next top altcoins set to…

3 hours ago

Dogecoin Price Set To Recreate 36,000% Rally From 2021 After Pennant Formation

The Dogecoin price is back in the limelight, captivating the crypto world with its recent…

3 hours ago

Is XRP About to Explode? How Trump’s Victory Is Affecting XRP Price Amidst JetBolt Growth

Ripple’s XRP showed a 68% price increase in the last 7 days following Trump's victory,…

3 hours ago

Ethereum Down While Bitcoin, Solana, and JetBolt Skyrocket In End November 2024

Ethereum stumbles as Bitcoin surges past $97K, Solana eyes new highs, and JetBolt’s presale shakes…

6 hours ago