According to recent statistics, the seventh largest cryptocurrency by market cap, Litecoin, has recently seen a large surge in trading volume. In the recent period, LTC trading volume has mostly been consistent in the $200 million range. However, this has now changed, and information from websites such as CoinMarketCap is recording an entire $100 million more in trading volume.
At the time of writing, LTC trading volume is at $323.5 million on CoinMarketCap. One interesting thing is that Litecoin has not experienced any large price movement. Its price is currently at $51.23, with a drop of 1.20%. However, LTC trading has suddenly become much more popular.
The crypto community is currently keeping a close eye on Litecoin, with many of them speculating that this might be a sign of adoption. If this is the case, it would correspond with earlier predictions that have announced such a development for late 2018. However, there are also those who believe that this is fake volume, or that a single large transaction influenced statistics.
In the last 24 hours, Litecoin has mostly been traded on Bithumb, with around 29% of total LTC trading being done on this exchange. The second most popular location is ZB.com, with only 10.71% of LTC trading. While Litecoin is listed on more than 130 platforms, most of them do not see any trading or at least some minimal amount.
Is Litecoin trading volume a sign of adoption?
The reasons behind the spike in trading volume are currently unknown, but it is evident that Litecoin’s new popularity did not affect its price in the slightest, at least as of yet. Considering that the change in volume usually comes together with a change in value, there are some investors that are claiming that a price surge is soon to follow.
The value of cryptocurrencies is difficult to predict, and all that analysts have to rely on are the coin’s popularity and previous performances, Despite any optimistic outlook, predicting the price of Litecoin is as uncertain as it can be. While the larger rate of adoption will certainly help the coin, there is still no proof that something like this is actually about to happen.
Others see this as a temporary trend, despite the fact that LTC has surpassed numerous other currencies, including some of the top ones, when it comes to trading volume.
While opinions continue to differ in the community, the fact is that Litecoin trading volume is currently surging. While many believe that the coin’s price has dropped due to the lack of interest in this crypto, it is possible that this is now changing. Whatever the case may be, Litecoin is currently the fifth largest cryptocurrency per trading volume, bested only by Bitcoin, Tether, Ethereum, and EOS. Whether this will change or not still remains to be seen, but at the moment, the coin seems to be doing rather well.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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