It is evident all cryptocurrency markets are struggling for traction right now. More specifically, there is no top 10 cryptocurrency which is making any major market impact. The Litecoin price is taking a particular beating at present, although it is still a very resilient market. With the value dropping below US$55 once again, it remains to be seen how things will play out for Litecoin.
LTC Puts up a Good Fight
No one can deny the Litecoin price has been on a lot of people’s minds as of late. More specifically, a lot of cryptocurrency speculators are looking for new ways to make money while the Bitcoin price trend remains bearish. That is much easier said than done right now, even though the recent Litecoin price swings have certainly allowed some people to make a good amount of money on the side.
Over the past week, we have seen the Litecoin price rise from US$54.54 all the way to almost US$62 in short order. Ever since that time, it has been quite a challenge to keep the value around US$60, and those plans had to be abandoned eventually. In fact, we haven’t seen the Litecoin price surpass US$60 since October 21st. That is not entirely surprising, as the cryptocurrency markets have suffered from Bitcoin’s downward price momentum as of late.
That being said, even the past 24 hours have allowed speculators to make some good money. With the Litecoin price moving from US$53.58 all the way to US$58.63 and back down again, there have been some decent daytrading opportunities. One may not have made any significant amount of money, though, but one has to take the good with the bad. Finding a solid floor for the Litecoin price will be another challenge altogether.
One thing that is keeping things afloat right now is that there is a decent amount of Litecoin trading volume. More specifically, around US$132.5 million worth of LTC has changed hands over the past 24 hours. That’s a more-than-respectable amount, although it is not the big volume a lot of people have been hoping for. That situation could still change, though, as the main objective now is to get that Litecoin market capitalization back above US$3 billion.
For the time being, the largest Litecoin trading market is Bithumb, while GDAX and Bitfinex round out the top three. There are no other exchanges generating over US$10 million in 24-hour volume, which is neither a bad nor a good sign. A lot of smaller exchanges contributing decent trading volume will keep the Litecoin momentum going regardless. For now, it remains to be seen how things will evolve, although Bithumb values 1 LTC at US$56.23.
It is evident Litecoin is struggling, as are all other major cryptocurrencies right now. The Litecoin price momentum isn’t heading in the right direction, even though the losses in terms of USD are almost twice as high as those relative to BTC. That is a positive sign for the time being, although things are always evolving. It is well worth keeping a close eye on the Litecoin price right now.