A lot of things have happened in the world of cryptocurrencies over the past few weeks. Litecoin is one of the more dynamic currencies in this regard, even though its total valuation is a lot lower than some people would like it to be. With an individual Litecoin price of US$205.71 at the time of writing, it seems things are heading in the right direction once again. There’s still a long way to go to reach the all-time high of US$356, though.
Litecoin is on the road to recovery
Many people will be pleased to see the Litecoin price head back above US$200 for the first time in a few days. Given the cryptocurrency onslaught we have seen over the past few days, it is evident the Litecoin price encountered a major bump as well. In fact, it dropped as low as US$147.44, which is a very long way from the all-time high. At the same time, all markets have gone through a very rough period over the past few days, and it seems things are only now returning to normal. There’s still plenty of volatility to deal with, mind you, and the prices will undergo some big fluctuations moving forward.
After the spectacular dip to below US$150, many people started buying up cheap Litecoin. After all, such a low price is an excellent opportunity to buy some cheap crypto and benefit from the inevitable rebound. A Litecoin price increase of nearly US$60 in a matter of a few days is not all that bad whatsoever. For those people who bought a few hundred LTC during the dip, they are sitting on some decent profits already. It is evident the Litecoin price can go a lot higher from here on out, assuming the markets don’t collapse once again.
Speaking of which, the markets may look healthy to the untrained eye right now, but it may only be a charade. That will heavily depend on how the Bitcoin price evolves in the coming weeks and months. It seems some altcoins will go up in value regardless of what direction Bitcoin goes in. Whether or not Litecoin is one of those currencies remains to be determined. For now, its gains against USD are respectable, but LTC is still losing value compared to Bitcoin.
With over US$600 million in 24-hour trading volume, things are not looking half-bad for Litecoin. In fact, one could argue this is solid trading volume, even though it may be a bit on the low side. For a currency such as LTC, one would expect to see at least US$1 billion in 24-hour volume or more, but that is not the case as of right now. It is evident some other markets are in higher demand right now, but things will eventually even out again.
The vast majority of Litecoin’s 24-hour trading volume has come from GDAX, followed by OKEx and Bitfinex. It’s always good to see two fiat currency markets in the top three, as it indicates people are converting fiat currency back to Litecoin now that the markets have seemingly calmed down a bit. The first Korean exchange on this list is Bithumb, with just US$39.6 million in 24-hour volume. It’s an interesting turn of events; that much is evident.
For now, it remains a bit unclear what the future holds for the Litecoin price. The momentum in place should be sufficient to keep it above US$200 for some time to come, but it is evident the current Bitcoin price momentum may cause most altcoins to suffer a bit. There’s still plenty of time to buy into Litecoin if you believe in the long-term momentum of this currency, considering it’s still well below the all-time high.