It is evident good things are happening in the world of cryptocurrency right now. With the Bitcoin price recovering pretty quickly, all of the altcoins pulling their weight will go up in value as well. With Litecoin headed toward US$103 again, things are looking very promising for the silver to Bitcoin’s gold.
Litecoin Price is Uber-Bullish
In a lot of cases, a major price increase for a particular cryptocurrency is often followed by a steep retracement. However, the Litecoin price has increased by another 19.5% over the past 24 hours, pushing its value back over US$100. It is evident this uptrend will not stop anytime soon, although it remains to be seen how things will play out in the long run.
With the Litecoin price now fast approaching US$103 once again, there is clearly a lot of room for future growth in this market. More specifically, we may very well see the Litecoin price surpass US$110 later today, as it has become evident this price point will be reached sooner or later. All stars are aligned perfectly in this regard, though it is difficult to identify trends before they actually materialize. It is evident the demand for Litecoin is genuine right now, yet no one knows for sure how long it will take to reach that US$110 level.
It has been quite a wild ride for Litecoin holders and those who bought in around 24 hours ago. With the Litecoin price climbing from around US$87 all the way to US$103, a lot of profit has been made in the process. This is a trend we’re seeing with multiple altcoins right now, but it is evident things are on a whole other level as far as the Litecoin price is concerned. With a 19.5% gain against USD and a 6.11% gain against BTC in the past 24 hours alone , the Litecoin price is on fire.
Litecoin also has a solid trading volume of over US$636 million in the past 24 hours. Considering that this number has increased by nearly US$100 million since yesterday, it is rather evident the demand for LTC is only increasing as time progresses. Although not everyone may see the value in Litecoin, this particular currency is certainly of great appeal for many reasons. Atomic swaps are a big deal, as is moving money between various exchanges in a cheaper and faster way.
GDAX is still the top exchange in terms of Litecoin’s trading volume, with over US$170.5 million in trades over the past 24 hours. Bitfinex and OKEx are still among the top three as well, with Bithumb still sitting in fourth place, which is still rather interesting. However, the latter two exchanges list the Litecoin price at over US$110 already, which underlines the major gap between Western and Eastern exchanges that exists right now.
It will be interesting to see when and if the global Litecoin price surpasses the US$110 mark. For now, that seems to be a matter of time, but things are always subject to change in this regard. There is a lot of optimism in the cryptocurrency markets right now, especially after that brief Bitcoin price correction which pushed all prices down in quick succession. With the trend reversing once again, things will get very interesting during the remainder of this weekend.