With all of this volatility affecting cryptocurrency markets, it almost becomes impossible not to panic sell. The people who invested their money in Litecoin will be quite pleased to see the Litecoin price peak above $100 again. After a somewhat difficult past 24 hours, it seems the top altcoins are starting to mount a comeback. We may even see a new all-time high price for Litecoin this weekend.
LITECOIN PRICE BEGINS ITS RECOVERY PROCESS
It is good to see the cryptocurrency markets hit their stride again after last night’s Bitcoin onslaught. While it was fun and exciting to see Bitcoin surpass $19,000 at one point, the exchanges simply couldn’t handle the trading volume [once again] and eventually triggered a small pushback. This also affected the Litecoin price a bit, although this market was far more stable than most other altcoins have been over the past few hours.
That being said, the Litecoin price is slowly starting to recover after its dip to $92.77 a few hours ago. Although most altcoins are still up in value over the past week or thirty days, there is an increased focus on the daily and hourly differences right now. People who spotted this Litecoin price dip and purchased some LTC have made good money in the process, as the price quickly bounced back to $101.57.
With the Litecoin price now back in the triple-digit range, it remains to be seen how things unfold. There is still a lot of market volatility right now, and the Bitcoin is shifting around quite a lot. If it keeps going through small dips like these, we may eventually see a big retrace which drags all altcoins with it. For now, that isn’t affecting the Litecoin price all that much, though. No market is safe from volatility right now, and profit-taking becomes the number one priority for a lot of traders.
Thanks to over $703m worth of 24-hour trading volume, the Litecoin price increased by 4.13%. More specifically, this is 4.13% in USD value, as the currency also gained 2.27% on Bitcoin. It is evident all markets will need some time to hit their stride again, as the Bitcoin price growth is disrupting altcoin value appreciation quite a bit. Nothing can go up in value forever, though, and Bitcoin will most certainly not be an exception.
Surprisingly, it is not GDAX which has the most Litecoin trading volume over the past 24 hours.Instead, we see OKEx leading the charge, as it confirms people are flipping between Litecoin and Bitcoin quite a bit right now. GDAX and Bitfinex are also in the top three, although their volumes are significantly lower. Bithumb is the fourth exchange, and they project a Litecoin price of over $108. This arbitrage gap between South Korea and the West is getting quite big, yet only a few people can take advantage of it.
For the time being, it is still advised to remain cautious when it comes to the Litecoin price. This appeal is to all cryptocurrency markets, though, including Bitcoin. A lot of money has entered the ecosystem, but it can leave equally quickly for all we know. There is still plenty of room for growth for all important currencies, and Litecoin is certainly on that list. Whether or not we will see a Litecoin price of $110 or more in the coming weeks, remains anybody’s guess, though.