Is Litecoin Decoupling Itself from Bitcoin’s Price Momentum?

With the Bitcoin price falling over the past few days, things have looked rather bleak for altcoins as well. One of the few coins bucking this trend is Litecoin. Although there were losses for the LTC value, they were a lot smaller compared to Bitcoin’s. This is a positive sign for Litecoin holders, although it does not necessarily mean LTC is no longer hinging on what Bitcoin does.

Litecoin Shows Signs of Life During Bitcoin Dip

It is always quite interesting to keep an eye on different cryptocurrencies. When Bitcoin drops like a brick, so will all other coins. Or that has been the case for quite some time, at least. Litecoin seems to be one of the few currencies attempting to buck this trend. It did not gain in value, but it stayed far more resilient compared to Bitcoin. The BTC value dipped by over 12%, whereas LTC only lost 4.3%. To some people, this is a clear sign of how Litecoin is decoupling itself from Bitcoin.

Others do not see it that way, though, and for obvious reasons. A momentary snapshot of markets compared to one another proves nothing. If Litecoin can keep this trend up, things will look a bit different in a few weeks from now. Just because LTC and BTC are not taking similar losses for once, that does not mean they won’t do so in the future. That being said, one should never underestimate Litecoin either, as it is quite a powerful currency.

To put this into perspective, Litecoin has gained 9.21% in value over the past 24 hours. Bitcoin only gained 3.89%, and Ethereum rose by 6.44%. This is further indication Litecoin is not following Bitcoin’s lead by any means. Instead, the currency is doing its own thing, and it has become the third-most traded cryptocurrency over the past day again. With over US$314m in trading volume LTC is well ahead of XRP, ETC, BTS, and ZCash.

For the time being, it is a bit unclear what the future holds for Litecoin. The price per LTC seems to be holding its own around the US$30 mark, which is quite positive to see. The bigger question is whether or not this momentum can be sustained in the long run. Litecoin has always seen its ups and downs, and seems to be undervalued at this point. Then again, the cryptocurrency markets work in very mysterious ways.

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