A lot of things have happened in the world of cryptocurrencies over the past few weeks.Litecoin is one of the top currencies in this regard, even though its total valuation is a lot lower than some people would like it to be. With an individual Litecoin price of $205.71 at the time of writing, it seems things are heading in the right direction once again. There’s still a long way to go to reach the all-time high of $356, but the Litecoin price appears to be on the road to recovery again.
According to The Merkle, many people will be pleased to see the Litecoin price head back above $200 for the first time in a few days. Given all of the cryptocurrency onslaught we have seen in the past few days, it is evident the Litecoin prince took a major bump as well. In fact, the Litecoin price dropped a slow as $147.44, which is a very big difference compared to the all-time high. At the same time, all markets have gone through a very rough period over the past few days and it seems things are only now returning to normal. There’s still plenty of volatility to deal with, mind you, and the prices will undergo some big fluctuations moving forward.
After the spectacular dip to below $150, many people start buying up cheap Litecoin once again. After all, such a low price is an excellent opportunity to buy some cheap currencies and benefit from the rebound in the near future. A Litecoin price increase of nearly $60 in a matter of a few days is not all that bad whatsoever. For those people who bought a few hundred LTC during the dip, they are sitting on some decent profits already. It is evident the Litecoin price can go a lot higher from here on out, assuming the markets don’t collapse once again.
Speaking of which, the markets may look healthy to the untrained eye right now. That may only be a charade, for all we know, as it will all heavily depend on how the Bitcoin price evolves in the coming weeks and months. It seems some altcoins will go up in value regardless of what direction Bitcoin goes in. Whether or not Litecoin is one of those currencies, remains to be determined. For now, it seems the gains in USD value are respectable, but LTC is still losing value compared to Bitcoin.
With over $600m in 24-hour trading volume, things are not looking half-bad for Litecoin either. In fact, one could argue this is solid trading volume, even though it may be a bit on the low side as well. For a currency such as LTC, one would expect to see at least $1bn in volume or more, but that is not the case as of right now. It is evident some other markets are in higher demand right now, but things will eventually even out again.
The vast majority of Litecoin trading volume comes from GDAX, followed by OKEx and Bitfinex. It’s always good to see two fiat currency markets in the top three, as it indicates people are converting fiat currency back to Litecoin now that the markets have seemingly calmed down a bit. The first Korean exchange on the list is Bithumb, with just $39.6m in 24-hour volume. An interesting turn of events, that much is rather evident.
For now, it remains a bit unclear what the future will hold for the Litecoin price. The momentum in place should be sufficient to keep it above $200 for some time to come, but it is evident the current Bitcoin price momentum may cause most altcoins suffer a bit. There’s still plenty of time to buy into Litecoin if you believe in the long-term momentum of this currency, considering how it’s still well below the all-time high. That doesn’t mean we will ever see such a Litecoin price once again, though, but one never knows what the future will hold.
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