It appears the Litecoin uptrend is here to stay. A few weeks ago, it seemed unlikely that this altcoin’s price would surpass US$55 on a permanent basis. Right now, a rise to US$75 isn’t out of the question. With a Litecoin price of US$71.89 at the time of writing, things are looking pretty solid for this alternative cryptocurrency.
MORE LITECOIN PRICE GAINS ON THE HORIZON?
It has to be said that the past 24 hours have been pretty lucrative for Litecoin holders. With the price rising from just under US$68 all the way to US$71.89 in the past few hours, there has been some decent profit to be made. Granted, these gains are not as spectacular as those of Bitcoin or even Ethereum, but they are good to see nonetheless. Right now, it seems to be a matter of time until the Litecoin price surpasses the US$75 mark.
How all of this will play out in the bigger picture remains to be seen. Like most other cryptocurrencies, Litecoin has been pretty bullish throughout 2017. The Litecoin price has exploded, yet the uptrend is still intact as of right now. While reaching a value of US$100 probably won’t happen this year – although you never know – maintaining this uptrend will be a top priority for the time being.
With some interesting developments behind us and coming up in the near future, there is no reason to ignore Litecoin whatsoever. This currency is a major cog in the machine of atomic swaps right now. Every currency – including Bitcoin – can seemingly be exchanged for Litecoin, whereas other bridges remain closed for the time being. It is thanks to Litecoin developer Charlie Lee that the whole world may soon embrace atomic swaps over centralized exchanges.
The Litecoin trading volume seems to be holding its own quite well these days. With over US$200 million in volume over the past 24 hours, the demand for LTC is not diminishing whatsoever. Although it remains to be seen how this will play out in the coming days, Litecoin has some solid trading volume compared to most other altcoins. Slow and steady growth wins the race, and things look promising for LTC in this regard.
The vast majority of 24-hour trading volume originates from Bithumb, which is only normal. The Korean exchange has generated over 18% of all trades, with GDAX and Bitfinex next in line. It’s nice to see various fiat currency trading pairs at the top of the list. After all, we need more fresh money entering cryptocurrency on a daily basis. Diversification is key, even though Bitcoin will always appeal most to the masses.
So far, nothing points to an immediate Litecoin trend reversal. It is evident this will heavily depend on what Bitcoin does in the next few days, though. Any Bitcoin price increase will set all altcoins back once again. Litecoin has noted solid gains against both USD and BTC, which goes to show that things are looking pretty good for the time being.