Categories: CryptoNews

Solid Gains Put Litecoin on Track to Hit New All-Time High

Now that all cryptocurrencies are recovering in value, it will be very interesting to see how things shape up in the coming weeks. The Litecoin price has continued its bullish trend and is on the verge of setting a new all-time high. If this trend keeps up, that new ATH should be reached in a few hours from now. The future’s looking bright for all cryptocurrencies once again.

Litecoin Price Surge is far From Over

As we expected yesterday, the Litecoin uptrend is still in full effect nearly 24 hours later. With the price rising from US$136 all the way to US$165 in the last 24 hours, things look incredibly positive. It seems to be only a matter of time until Litecoin (finally!) hits that US$10 billion market capitalization. Right now, all Litecoins in circulation have a combined worth of US$8.946 billion, which is a major increase from earlier this year.

Granted, all major cryptocurrencies have seen massive price increases throughout 2017. It is only normal to see the Litecoin price rise in value, as it was long overdue. However, very few people expected to see the Litecoin price reach US$100 before the end of 2017, let alone approach US$200. Anything is possible in the world of cryptocurrencies right now, and this will not be the final surge of a top altcoin by any means.

With solid momentum in place right now, the LTC push toward US$200 continues unabated. Right now, Litecoin’s all-time high sits at US$171.55, a value that may very well be surpassed later today. There is an abundance of demand for all cryptocurrencies which are making – or will make – a big impact. Litecoin is certainly among these, and its current value seems to reflect that sentiment rather well. It seems 2018 will be another great year for LTC.

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With over US$1.13 billion in 24-hour trading volume, the demand for Litecoin has not diminished in the slightest. Cryptocurrency users are all too aware of the problems found in Bitcoin, including slow transactions and exuberant transaction fees. Litecoin has none of these problems, and its miners activated Segregated Witness on the network well before Bitcoin did. Moreover, Litecoin is supported by virtually all big cryptocurrency exchanges, which makes it a perfect solution to cheaply move money between various platforms.  

GDAX is still the leading exchange in terms of Litecoin’s trading volume. Its LTC/USD trading pair generated more than US$218.5 million in volume over the past 24 hours, which is well ahead of Bitfinex’s LTC/USD pair. OKEx is still in third place, although its trading market is denominated in Bitcoin rather than fiat currency. Bithumb may overtake OKEx in terms of volume pretty quickly, though, as the gap is only US$4 million at the time of writing.

For the time being, things are looking pretty solid for the Litecoin price. A lot of the momentum we’re seeing stems from the Bitcoin price rising in value as well, though. Should that trend reverse, it is not unlikely the Litecoin price will be affected in a significant manner. For now, the path toward a new all-time high Litecoin price remains wide open, yet no one knows what the future will bring.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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