Today may prove to be an interesting day for cryptocurrencies after all. With the Bitcoin price showing signs of recovery, it is now up to the altcoins to show their worth as well. There will not be an easy task, yet a lot of people expect big things from the Litecoin price. There is lots of lost ground to make up in both USD and BTC value. Moreover, the market cap is inching toward the $3bn mark once again.
Litecoin Price is Ready to Take off?
Over the past few days, we have seen some promising signs related to the Litecoin price. More specifically, there has been a fair amount of Litecoin price suppression. Things have not dropped all that much, mind you, a sit seems there has been some decent accumulation effort taking place at the same time. With the price still close to $56 as we speak, things may finally start turning around for the Litecoin price as we speak.
To put this into perspective, the Litecoin price has hit both sides of the $55 price target on several occasions. Over the past 24 hours, there has been enough momentum to carry the price to $56 and beyond. A one-dollar difference may not matter much to most people, but it shows we may see some healthy growth sooner rather than later. Whether or not that trend will effectively materialize, however, remains a big question for the time being.
After all, a lot of people want to see the Litecoin price hit $60 and even $70 again in the near future. Such a positive outlook may be a bit too optimistic right now, although there is no reason not to keep an eye on how the market evolves. After all, a lot of positive things are happening for Litecoin behind the scenes, including atomic swaps and some developmental updates in the coming months.
One thing that is a big concern right now is how Litecoin has very little trading volume. Although $86.5m is still higher than some other top 10 cryptocurrencies, it is on the very low side for Litecoin. This is not exactly a troublesome sign if things improve, but at this point, it seems unlikely we will see any major changes whatsoever. This trading volume shows there is still a growing demand for LTC, although the price may not necessarily move all that much right away.
Considering how Bithumb and GDAX are the only exchanges providing over $10m worth of Litecoin trading volume right now, it will be interesting to see who else can be of importance in this market over the next few hours. Bitfinex is on course to reach $10m before the day is over, but besides them, no other company comes even remotely close right now. Then again, if all smaller exchanges add $1m throughout the day, there is still plenty of LTC trading to go around.
So far, the daily trend for the Litecoin price seems to indicate good things will happen either today or tomorrow. How positive these changes will be, remains anybody’s guess for the time being. Pushing the Litecoin price back to $60 and beyond will not be an easy feat to accomplish. Especially with the low trading volume, things can go the other way pretty quickly. Well worth keeping an eye on throughout the day, though.
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