Even though we have seen pretty volatile price movements for all cryptocurrencies this weekend, some altcoins have bucked the trend. More specifically, Litecoin has held its own despite going on a massive rally prior to the Bitcoin dump. The fact that the Litecoin price has remained above US$140 is pretty significant, as it indicates the push toward US$200 will eventually resume.
Litecoin Price Holds up Well
Cryptocurrencies whose prices soar just prior to Bitcoin price corrections will generally see massive losses in short order. After all, all altcoins are linked to Bitcoin’s value in one way or another, even though some segments of the cryptocommunity would rather see things differently. In the case of Litecoin, it seems this altcoin has avoided significant losses during this rather volatile weekend. Although its price dropped 12% against BTC, its USD value held up quite well.
As things stand now, the Litecoin price still sits comfortably above US$140. After last week’s sudden bull run, many people expected its value to drop to US$100 or even lower. The fact that did not happen is somewhat surprising. Although Bitcoin has seen some volatile price swings, things have remained relatively quiet for Litecoin despite its price reaching US$150 two days ago. At its lowest point, the Litecoin price dropped to around US$130, which is still well above the US$98 value we saw last week.
Whether or not we will see another move toward US$200 in the coming weeks remains to be seen. There is good reason to be cautiously optimistic, as it seems Litecoin is one of the more resilient altcoins at this moment in time. There is still a lot of work to be done before we see a Litecoin price of US$200, though, but for now, things are certainly looking good.
Thanks to nearly US$1.2 billion in 24-hour trading volume, Litecoin’s price has remained relatively stable over the past few hours. Although this volume pales in comparison to that of Bitcoin, it is a more-than-solid amount for an altcoin whose market capitalization was recently surpassed by that of Bitcoin Cash. Then again, things are slowly turning in favor of the silver to Bitcoin’s gold again, even though it is still too early to draw any proper conclusions.
As one would expect, GDAX is still the busiest exchange in terms of Litecoin trading volume right now. It is firmly ahead of both Bithumb and Bitfinex. OKEX generated over US$100 million worth of volume during the past 24 hours, which is pretty impressive. Three fiat currency trading pairs lead the charge for Litecoin right now, which means a lot of fresh money is coming in as we speak. The remainder of the top 10 Litecoin markets are mainly dominated by LTC/BTC trading pairs, which shouldn’t come as a big surprise to anyone at this point.
It will be interesting to see what the future holds for the Litecoin price. More specifically, there is good reason to think we will see another uptrend in the near future. With its lower transaction fees, global availability, and solid reputation, Litecoin is in a better place than most other altcoins.