LITECOIN PRICE MOMENTUM SEEMS SOLID
It’s always good to see the cryptocurrency markets in the green during the weekend. Last year, weekends were almost always synonymous with major dips, but it seems 2018 may be very different in this regard. For now, at least, the Litecoin price seems to be in a good place. Although a 6.46% 24-hour increase isn’t spectacular, it is a positive sign after a difficult week.
The current US$181 price is a pretty solid level for Litecoin, as the price has hovered between US$214 and US$171 all week long. Finding solid support to build on is direly needed for all cryptocurrencies. In the case of Litecoin, it seems that support can be found near the US$180 level for the time being. Do keep in mind that the markets are still very volatile, and things can turn around in the blink of an eye.
Considering its 6.46% gain in the past 24 hours, things are looking pretty decent for the Litecoin price right now. Though it’s declined by 0.1% against Bitcoin, that is almost negligible at this point. If altcoins can start to regain value against Bitcoin, we may see prices skyrocket a lot sooner than people think. It will take some time until we see a Litecoin price of US$200 or higher again, but if this momentum remains in place, it shouldn’t take more than a week.
With US$338.7 million in 24-hour trading volume, the global demand for Litecoin doesn’t appear to be locked in place just yet. Things can always change in this regard, though, and it seems to be a matter of time until the overall cryptocurrency trading volume returns to the US$40 billion level. Over the past 24 hours, all currencies combined for a total trading volume of US$24.97 billion, which is a lot lower than one would like to see in early 2018. This decrease can mainly be attributed to it being the weekend and the volatility affecting all markets right now.
Litecoin’s top market in terms of trading volume is on GDAX, with almost US$41 million in volume. OKEx takes second and third place, with its USDT and BTC trading pairs, respectively. The next fiat currency market on the list is Bitfinex’s LTC/USD pair with another US$24.8 million. It’s good to see fresh capital enter the cryptocurrency markets through Litecoin right now. More investors will result in higher prices, fewer weak hands, and hopefully a lot less short-term price manipulation as well.
For the time being, all cryptocurrency markets are doing just fine, even though most of them are still in the red when looking at the past seven days. In the case of Litecoin, the deficit is as high as 11.21%, which is somewhat bothersome. Then again, other currencies are off worse for wear, and even Bitcoin is down by 10.62%. The coming weeks will be crucial for virtually all cryptocurrencies, as we will either see major upward momentum or another steep dip. The best course of action is to hold through the dips and see how things play out by the end of 2018.
