After yesterday’s positive market momentum, one would almost assume today would result in major market corrections. So far, that is not happening just yet, even though there is a slight retrace across most markets. Then again, that is only normal after near double-digit percentile gains for most currencies. The Litecoin price is still going strong, a sit surpassed $200, $210, and $220 overnight with relative ease.
LITECOIN PRICE MOMENTUM REMAINS IN PLACE
It is always good to see cryptocurrency markets appreciate in value over time. Especially after this year’s major correction, the current trend appears to be rather bullish once again. With the total cryptocurrency market cap going from $280bn back to $465bn in a matter of a few days, it is only a matter of time until we see more positive momentum. Reaching new all-time highs will not happen anytime soon, though, but the future looks a lot brighter than it did two weeks ago.
Due to this positive trend, we see the Litecoin price appreciate in value over the past two days. With the Litecoin price rising from $145 all the way to $230 in quick succession, it is safe to say this market has been undervalued for quite some time now. Whether or not this means we will see more positive Litecoin price momentum for the remainder of the week, remains to be determined. Cryptocurrencies are still volatile first and foremost, and Litecoin is no different in this regard.
As a result of this solid momentum, the Litecoin price is up by a whopping 19.62% over the past 24 hours. These gains are not just the result of Bitcoin appreciated in value either, as the LTC/BTC ratio improved by 9.15% over the past 24 hours. That in itself is rather remarkable, even though it is only normal altcoins appreciate in value against Bitcoin as well right now. Not all currencies are following this trend as of right now, but in due time, things will start to look very promising once again.
With $2.7bn in 24-hour trading volume, it is safe to say Litecoin is checking a lot of the right boxes as of right now. More specifically, given the recent decline in overall trading volume across the altcoin markets, it is all the more remarkable to see Litecoin note such a strong demand. As the Litecoin price has appreciated rather quickly over the past two days, it is evident there are a lot more LTC buyers than sellers as of right now.
Surprisingly, GDAX is the leading trading market for a Litecoin right now. Although GDAX is a solid platform, one would expect Korean exchanges to make their mark on Litecoin as well. So far, Upbit is the only one effectively doing so, even though their volume is over $110m less than GDAX’s. Bitfinex completes the top three of exchanges ranked by LTC trading volume. This also means there are three different fiat currency markets in the top three, which can only be considered to be a good thing.
For the time being, it remains to be seen what the future holds for the Litecoin price. With spectacular gains over the past 48 hours, it has become evident something will change sooner or later. The way things look right now, a proper LTC price correction will occur in the future, although that doesn’t mean we won’t see a Litecoin price all-time high before the summer of 2018. For now, it’s always best to take profits just in case the markets suddenly decide to become bearish once again.