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 impact right now. Especially the Litecoin price is taking a beating right now, although it is still a very resilient market. With the value dropped below $55 once again, it remains to be seen how things will play out.
Litecoin Price 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 successfully make money while the Bitcoin price trend is still 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 $54.54 all the way to almost $62 in quick succession. Ever since that time, it has been quite a challenge to keep the value around $60, but those plans had to be abandoned eventually. In fact, we haven’t seen the Litecoin price surpass $60 since October 21st. Not entirely surprising, as the cryptocurrency markets have suffered from all of the Bitcoin price momentum as of late.
Even the past 24 hours have still allowed speculators to make some good money. With the Litecoin price going from $53.58 all the way to $58.63 and back down again, there have been some decent daytrading opportunities. Not to make any significant amount of money, though, but one has to take the good with the bad as well. Finding a solid price point for Litecoin will be a different challenge altogether, that much is certain.
One thing that is keeping things afloat right now is how there is a decent amount of Litecoin trading volume. More specifically, around $132.5m worth of LTC has changed hands over the past 24 hours. A more than respectable amount, although it is not the big volume a lot of people are hoping for. That situation can still change, though, as the main objective now is to get that Litecoin market cap back above $3bn.
For the time being, the biggest Litecoin trading market is Bithumb. GDAX and Bitfinex complete the top three as we speak. There are no other exchanges generating over $10m worth of trading volume over the past 24 hours, which isn’t a bad or good sign. A lot of smaller exchanges bringing in decent trading volume will keep the Litecoin momentum going regardless. For now, it remains to be seen how things will evolve, although Bithumb values one LTC at $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 USD value are almost twice as high as the loss in Bitcoin value. That is a positive sign, for the time being, although things are always evolving as we speak. It is well worth to keep a close eye on the Litecoin price right now, to say the least.