Litecoin Price Fights for Control at $70

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Cryptocurrency markets are always evolving, which is part of what makes them so interesting. The Litecoin price is a perfect example of this concept, as the value per LTC is currently heading toward $70. This move is occurring right as the Bitcoin price is attempting to regain control over $8,000. Whether or not the Litecoin price will surpass $70 again later today, remains to be determined.

LITECOIN PRICE SURGE IS REAL

Over the past few days, there have been multiple attempts to push the Litecoin price to new heights. Earlier today, this positive momentum resulted in a steady climb toward $72.50, but that price point could not be maintained all that long. Not entirely surprising, as any cryptocurrency gaining in value will eventually come down in price again. In the case of Litecoin, the price retracted to around $66, but the upward momentum is far from over right now.

Considering how the Litecoin price has seen a few dips well below $60 over the past week, the current momentum is all the more important. In most cases, we see altcoins tank in value whenever the Bitcoin price is going up in rapid succession. Altcoins often see a massive value decline in this regard, with most of them turning deep red as a result. Right now, we see most of the top 10 altcoins go up in value even though the Bitcoin price is inching closer to the $8,000 level.

How all of this momentum will pan out, remains to be determined. While it is evident the Litecoin price momentum is solidifying right now, there is never a guarantee as to whether or not this momentum will be maintained in the long run. Assuming that is the case, however, we may very well see a new all-time high Litecoin price by the end of the weekend. Cryptocurrency markets are very unpredictable, that much is rather evident.

With over $548m in 24-hour volume, things are looking pretty good for Litecoin right now. There is a clear demand for Litecoin right now, whether or not it is for buying or selling purposes. Given the fact Litecoin sued to be quite big in China not too long ago, it is good to see this altcoin still thrive without China exchanges. The activation of SegWit and atomic swap capabilities are not going by unnoticed by traders either.

As is to be expected, Bithumb is the largest exchange for Litecoin trading volume right now. That is not entirely surprising, considering Bithumb traders have shown a  great interest in propping up the prices for all currencies supported by the platform. GDAX and Bitfinex complete the top three. It is good to see three fiat currency markets at the top for Litecoin, although there are plenty of Bitcoin trading markets in the top 10 as well.

All of this goes to show there is a good combination of fresh money coming into cryptocurrency and existing money moving from coin to coin. In the case of Litecoin, we see most of the volume coming from fiat currencies right now, but there is also a fair amount of funds shifting from Bitcoin to Litecoin and vice versa. There is an interesting future ahead for cryptocurrency in general, especially with the total market cap inching closer toward the $250bn mark.

Source: Themerkle