With all the volatility affecting cryptocurrency markets, it almost becomes impossible not to panic sell. The people who invested their money in Litecoin will be quite pleased to see the Litecoin price having peaked above US$100 again. After a somewhat difficult past 24 hours, it seems the top altcoins are starting to mount a comeback. We may even see Litecoin set a new all-time high this weekend.
Litecoin Begins its Recovery Process
It is good to see the cryptocurrency markets hit their stride again after last night’s Bitcoin onslaught. While it was fun and exciting to see Bitcoin surpass US$19,000 at one point, the exchanges (once again) couldn’t handle the increased trading volume and eventually caused some pushback. That affected the Litecoin price a bit, although this market has been far more stable than most other altcoins have been over the past few hours.
That being said, the Litecoin price is slowly starting to recover after its dip to US$92.77 a few hours ago. Although most altcoins are still up in value over the past week or thirty days, there is an increased focus on the daily and hourly changes right now. People who spotted this Litecoin price dip and purchased some LTC have made good money in the process, as the price quickly bounced back to US$101.57.
With the Litecoin price now back in the triple digits, it remains to be seen where things will go from here. There is still significant volatility in all markets right now. If Bitcoin keeps experiencing small dips like these, we may eventually see a retracement that drags all altcoins down. For now, that isn’t affecting the Litecoin price all that much. No market is safe from volatility right now, and profit-taking has become the number-one priority for a lot of traders.
Thanks to over US$703 million worth of 24-hour trading volume, the Litecoin price has increased by 4.13% against USD, and gained 2.27% on Bitcoin. It is evident all markets will need some time to hit their stride again, as the Bitcoin price growth is disrupting altcoin appreciation quite a bit. Nothing goes up in value forever, though, and Bitcoin will most certainly not be an exception.
Surprisingly, the exchange with the most Litecoin trading volume over the past 24 hours is not GDAX. Instead, we see OKEx leading the charge, which confirms that traders are flipping between Litecoin and Bitcoin quite a bit right now. GDAX and Bitfinex are also among the top three exchanges, although their volumes are significantly lower. Bithumb is the fourth exchange ranked by 24-hour volume, and it lists a Litecoin price of over US$108. This arbitrage gap between South Korea and the West is getting quite wide, yet only a few people can take advantage of it.
For the time being, it is still advised to remain cautious when it comes to trading Litecoin, as with all cryptocurrency markets including Bitcoin. A lot of money has entered the ecosystem, but it could leave equally quickly. There is still plenty of room for all important currencies to grow, and Litecoin is certainly among them. Whether or not we will see a Litecoin price of US$110 or more in the coming weeks remains anybody’s guess, though.