It appears we were somewhat too conservative with our Litecoin price expectations. Although it was evident the value of this altcoin would surpass US$200 at some point, no one expected such massive growth overnight. At the time of writing, the Litecoin price is hovering near the US$242 mark, and it seems the party is far from over. It’s been an interesting and surprising end of the year for LTC; that much is certain.
Litecoin’s Momentum Isn’t Slowing Down Just Yet
As is the case with most cryptocurrencies, the growth of Litecoin should not be overlooked whatsoever. Even though most people only care about Bitcoin right now, it is not a perfect cryptocurrency by any means. In fact, one could argue that Litecoin solves a fair few problems still present in Bitcoin today, although that is a matter of debate. Regardless of which side of the fence you are on, it’s clear the Litecoin price is soaring to new heights and might not slow down anytime soon.
Over the past 24 hours, we have seen the Litecoin price rise from just over US$150 all the way to US$250. In most cases, one would expect an immediate retracement after such massive gains. Surprisingly, that has not happened. It may still occur in the coming hours, but for now, the popular altcoin seems to be holding its own in the US$235-245 range. Whether or not such positive momentum can be sustained in the long run is difficult to say right now.
A new all-time high Litecoin price was recorded a few hours ago. At one point, one LTC was valued at US$254, and it seems to be only a matter of time until we reach that price once again. A lot of interesting things have happened in the world of cryptocurrency these past few weeks, and it was only a matter of time until Litecoin reclaimed its rightful place in the rankings. Thanks to its current US$13.136 billion market capitalization, things are looking pretty good for this respected currency.
Additionally, Litecoin’s trading volume isn’t slowing down either. With over US$4.65 billion worth of LTC changing hands in the past 24 hours, it is evident we may see another big leg up in the coming hours and days. All of this will heavily depend on how the Bitcoin price evolves, which is always somewhat worrisome. Despite the launch of Bitcoin futures 36 hours ago, its price hasn’t benefited all that much. These are still the early days of futures trading, though, and some industry experts expect massive fireworks to occur around Christmastime.
No major changes have occurred in the Litecoin exchange rankings by 24-hour trading volume. GDAX is still clearly the top dog, as it’s surpassed the US$1 billion milestone. Bithumb is in second place, yet it faces incredibly strong competition from Bitfinex. With three fiat currency trading pairs leading the charge, it is evident a lot of fresh capital is entering the Litecoin ecosystem as we speak. There are plenty of LTC/BTC markets generating a fair amount of 24-hour volume as well, yet none of them come even close to surpassing US$500 million.
From a bullish perspective, it appears the Litecoin price will surpass US$300 a lot sooner than people might think. Whether or not that is a rational assessment remains to be seen. Everything that goes up in value must eventually come down, and Litecoin will not be an exception in this regard. All cryptocurrencies are flourishing, and profit takers will cash out to move onto the next hype cycle at some point. For now, things are still looking pretty good for LTC, though.