The past few days have been filled with ups and downs for most major cryptocurrencies. Although some altcoins would prefer not to be correlated to Bitcoin, they can’t escape this inevitable fate these days. Slowly but surely, things are heading back in the right direction. Especially where the Litecoin price is concerned, as surpassing $60 again is only a matter of time right now.
Litecoin Price Gets Back on Track
Given some of the losses sustained by Litecoin and other altcoins these past few days, it is good to see more positive momentum again. At the same time, there are a few good reasons to get excited about the future of Litecoin, as a lot of intriguing things are taking place behind the scenes right now. Over the past week, we have seen some of this news heavily influence the Litecoin price, which confirms the current valuation doesn’t represent the true value of LTC.
To put this into perspective, the Litecoin price went from $51.5 all the way to $70 a few days ago. Such a significant growth was partially due to the Bitcoin price recovering, but also due to work put in by the LTC developers. Unfortunately, sustaining this positive momentum has not been easy, as the Litecoin price quickly dipped below $55 again. Speculators will certainly have made good money from these price swings, which is only to be expected at this point in time.
With all of that behind us, it is time to look toward the future Litecoin price again. Right now, we see LTC valued at just under $60, which shows there is some positive momentum in place as we speak. This 6.86% increase in value is pretty spectacular for multiple reasons, as most other altcoins don’t come even close to that number. Additionally, Litecoin is also gaining in value compared to Bitcoin, thanks to a 1.03% price change.
So far, things are looking quite promising for the Litecoin price. With almost $245m in 24-hour trading volume, this momentum may very well carry the Litecoin price to $65 before the day is over. Cryptocurrency markets are still extremely volatile right now, though, and a trend reversal is not out of the question either. Only time will tell which scenario will come true, but for now, it’s all about cautious optimism.
OKCoin is also making a strong comeback in the Litecoin trading department. With $11.3m in 24-hour volume, the Chinese platform is the fourth-largest exchange by trading volume again. The company is still behind Bithumb, GDAX, and Bitfinex, though. Overtaking either of these three companies will be a big challenge, to say the very least. Still, it is good to see more exchanges hit eight-digit volume when it comes to Litecoin these days.
For the time being, no one can predict what the Litecoin price will be in a few hours or even days from now. Positive momentum is in full effect, but it is still too early to draw any real conclusions. People well-versed in technical analysis will be able to provide a much better answer to this question right now. For now, it is important to remember Litecoin has a bright future ahead, regardless of what the price might be by the time you read this article.