A lot of people are actively wondering how the cryptocurrency markets will evolve in the days and weeks to come. As of right now, it remains unclear which direction we will head in over the next few days. One thing is for certain: the Litecoin price is going up in value pretty quickly. That is a remarkable trend, although one that is not entirely surprising either.
LITECOIN PRICE RISE IS MORE THAN WELCOME
Similar to most other cryptocurrencies, the past seven days have been pretty interesting for Litecoin. Anyone keeping an eye on the Litecoin price will have noticed things are slowly heading in the right direction once again. With the value rising from $113 all the way to $138.39 in a few days, the uptrend seems to be solidified.
At the same time, things never remain positive in the world of cryptocurrency for a long period. More specifically, every uptrend is usually followed by a correction of some sorts. It is doubtful the Litecoin price trend we see right now will be an exception to that unwritten rule, albeit stranger things have happened. For now, the momentum remains firmly in place, which is good to see.
Over the past 24 hours, the Litecoin price has gained a solid 8.64% in value. This is partially thanks to a positive LTC/BTC trend, which has shifted by 8.21% in favor of Litecoin. Considering how the Bitcoin price is remaining somewhat stable as of right now, it is only normal altcoins will need to show some positive momentum of their own before the uptrend can be solidified.
Thanks to a solid $441.484m in 24-hour trading volume, the demand for Litecoin is certainly present THis means people are willing to both buy and sell Litecoin at the current price, which will lead to some interesting trading action in the coming hours. Over the past hour, the LTC price has jumped by over 2% whereas other markets are incredibly flat.
With Litecoin getting listed on the Korbit exchange as of tomorrow, it will be interesting to see how much volume that platform can generate. Until that happens, OKEx remains the biggest platform for LTC trading with both USDT and BTC markets. GDAX is the only fiat currency pair in the top three, but it seems that is sufficient to keep the Litecoin price rise intact for some time to come.
Whether or not this means the Litecoin price will effectively continue to rise, is a different matter altogether. Right now, the momentum is firmly in place, but things tend to turn around pretty quickly in the world of cryptocurrency. If this trend remains intact for a few more days, we may even see the Litecoin price rise well above $150. For now, the small gains have to be taken in stride first and foremost.