It is evident a lot of cryptocurrencies are still pushing toward new all-time highs. The Bitcoin price is moving up, Ethereum is close to a new all-time high, and the Litecoin price has recovered quite nicely. With the Litecoin price back above US$300, things are looking pretty positive for this popular altcoin. It is good to see the markets recover after the recent Bitcoin price movement. New all-time highs will be set before the year is over; that much is almost guaranteed.
Litecoin Price Starts Moving up Again
With all cryptocurrencies experiencing a bullish year already, one has to wonder how much gas is left in the tank. As it turns out, the momentum may only be just beginning. We have seen all cryptocurrencies recover in value over the past few days, and it seems this weekend may bring continued gains. If the Litecoin price is any indicator for what we can expect this weekend, things will certainly be getting interesting.
Over the past 24 hours, we have seen the Litecoin price move up by another 11.39%. That is quite a remarkable gain, considering the Bitcoin price has not gone down all that much over the past few hours. Litecoin also gained 8.77% against BTC, which should not be overlooked whatsoever. It is evident all of the altcoins are preparing for another major push before the year is over, yet it remains unclear if we will see major changes when everything’s said and done.
Thanks to these solid gains, we’ve seen the Litecoin price peak above US$300 again. Considering that the all-time high Litecoin price is US$336 according to CoinMarketCap, it wouldn’t take much effort to set a new ATH a few days from now. Slow and steady growth will always win the race, and there is no reason to push for 40%-50% gains overnight. At a growth rate of just 3% per day, the Litecoin price would increase by over 50% by the end of this year. That would put it at nearly US$450, although this may be a bit too steep.
Litecoin also has seen over US$2.11 billion in 24-hour trading volume. This number has been rather steady for the past few days, despite the Litecoin price dipping back down to US$265.75 at one point. Such dips always create new buy opportunities, and it seems investors and speculators are not passing up on Litecoin for the time being. Considering this volume, we may see some more gains before the day is over, although consolidating around the US$300 mark wouldn’t be a bad scenario either.
Unsurprisingly, GDAX is still the top exchange when it comes to Litecoin’s trading volume. Its volume is almost twice as high as that of Bithumb, even though the South Korean exchange has maintained a price of over US$311. Bitfinex rounds out the top three with over US$200 million in 24-hour volume. Three fiat currency markets in the top three indicate that more and more money is being pumped into cryptocurrency as we speak. This volume has been incredibly high for Litecoin and a few other altcoins in recent weeks.
All things considered, the cryptocurrency markets are firing on all cylinders right now. Some of the top altcoins are still struggling for solid gains, though, which is rather unfortunate. Then again, all markets that matter are in the green, and small gains are still better than big losses. It will be a spectacular end of the year for all of cryptocurrency, especially with the total market capitalization on track to surpass US$550 billion later today. It will be quite a good weekend by the look of things, although things can always change.