Even though things looked rather bleak yesterday evening, most cryptocurrency markets are still in the green right now. Good things are happening to most altcoins, including the Litecoin price. More specifically, one Litecoin is now valued at $181 again thanks to a 6.46% increase over the past 24 hours. It will be interesting to see if and when the Litecoin price returns to $200 and more.
LITECOIN PRICE MOMENTUM SEEMS SOLID
It’s always good to see the cryptocurrency markets in the green during the weekend. Last year, the weekend was almost always synonymous with major dips in prices, but it seems 2018 may be very different in this regard. Do keep in mind this always a temporary snapshot of the market in question, but for now, the Litecoin price seems to be in a good place. Although a 63.46% increase isn’t spectacular, it is a positive sign after a difficult week.
More specifically, we now have a Litecoin price of $181 once again. This is a pretty solid price level for Litecoin, as the price has hovered between $214 and $171 all week long. Finding some 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 $180 level for the time being. Do keep in mind the markets are still very volatile and things can turn around in the blink of an eye.
With the 6.46% gain in USD value, things are looking pretty decent for the Litecoin price right now. There is still a 0.1% decline in BTC value, though, but that is almost neglectable at this point. If altcoins can start to regain value compared to Bitcoin, we may see prices skyrocket a lot sooner than people think. it will take some time until we see a Litecoin price of $200 or more again, but if this momentum remains in place, it shouldn’t take more than a week.
With $338.7m 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 $40bn level. Over the past 24 hours, all currencies combined for a total trading volume of $24.97bn, which is a lot lower than one would like to see in early 2018. This decrease in volume can mainly be contributed to it being the weekend and the volatility affecting all markets right now.
The top cryptocurrency exchange for Litecoin trading volume is GDAX, with almost $41m in volume. OKEx takes second and third place, with their USDT and BTC trading pairs respectively. The next fiat currency market on the list is Bitfinex’s LTC/USD pair with another $24.8m. It’s good to see fresh capital enter the cryptocurrency market 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. Only time will tell if that will be the case.
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.