The past 48 hours have been rather impressive for Litecoin, to say the least. Now that Bitcoin and Ethereum are stuck in sideways limbo action, other coins are gaining a lot of interest. Litecoin is one of those currencies, which results in a hefty value increase. Right now, one LTC is valued at US$38.2, and it seems the trading volume is still picking up the intensity as we speak.
Litecoin’s Chickun Has Risen
Many Litecoin enthusiasts refer to the currency as either a rock or a “chickun”. As most people are well aware of, chickens don’t fly all that well. Litecoin’s chickun may be an exception in this regard, as the currency is soaring to new highs as of right now. That is rather remarkable, as very few people expected an LTC price increase at this point in time. Then again, the price has been somewhat suppressed for quite some time now.
With over US$1bn in 24-hour trading volume, one cannot deny the success of Litecoin right now. Unfortunately, we have seen several LTC price rises over the past few months, which never lasted all that long. It is unclear if this new upward trend will be sustained in the long run, though. If the trading volume stays as high as it is right now, things are looking quite good for Litecoin.
It is always interesting to see where this sudden increase in trading volume is coming from. According to Coinmarketcap, the Chinese and Korean cryptocurrency traders are pushing the LTC value to over US$42.5 right now. The first non-Asian exchange on the list is Poloniex, which values LTC at US$38.5 right now. It also appears GDAX and BTC-E are bringing in some nice USD trading volume right now, which is always good to see.
The bigger question is why this price increase is happening right now. It is evident the Bitcoin network has a lot of issues to work out. The looming chain split on August 1st has many people concerned, which is understandable. It is possible a chain split could hurt Bitcoin’s market position and another cryptocurrency may overtake it. Many speculators feel Ethereum will be the currency to do so, but it may very well be Litecoin. It is equally possible nothing major will happen to Bitcoin’s market position, yet it is too early to make any accurate predictions.
The Litecoin community is quite happy about this price increase, which is the to be expected. It is good to see the currency finally get some of the positive attention it deserves. Things have been looking good for Litecoin, ever since they enabled Segregated Witness on the network. Things could get very interesting come August 1st, that much is evident. It will be intriguing to see this upward momentum can be sustained until that period, or whether this is just a brief price pump like the previous times.
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