Today may prove to be a very interesting day for the cryptocurrency industry as a whole. A lot of currencies are in the green again, even though the overall momentum remains very brittle. The Litecoin price is going through a very positive spell right now, as its value has successfully surpassed $60.5 once again.
Litecoin Price Turns Bullish
It is rather unexpected to see the Litecoin price go up in such spectacular fashion over the past 24 hours. Although this is an altcoin which heavily relies on Bitcoin’s momentum – just like any other altcoin – it is still an interesting trend worth keeping an eye on today. If this momentum remains in place for more than a few hours, the markets will undergo some big changes.
For the Litecoin price watchers, these past 24 hours have resulted in a lot of unexpected momentum first and foremost. This solid 7.02% increase over the past 24 hours is quite spectacular, although it comes at a very crucial period for Litecoin. Even so, there is no guarantee of maintaining this momentum for the foreseeable future, as anything can happen in the cryptocurrency industry.
There is also an interesting development in the LTC/BTC ratio over the past 24 hours. More specifically, Litecoin has gained a surprising 3.47% over Bitcoin, which is a more than welcome turn of events for this particular altcoin. Even so, it is only normal altcoins will be on the rise once Bitcoin stops bleeding value.
Thanks to these gains, the community is now looking at a Litecoin price of $60.55 once again. This is facilitated by an ongoing increase in the LTC trading volume, which currently sits at $256.9m. Compared to most other altcoins, this is well ahead of the pack, although there is still a lot of room left for improvements. Achieving further progress will be difficult once next week comes around, though.
The way things stand right now, OKEx is the go-to exchange to buy and sell Litecoin. Its BTC pair is in the lead, slightly ahead of DOBI Trade’s BTC market. OKEx claims third spot with a USDT pair, followed by similar markets offered by CoinBene – albeit excluded in volume – and Huobi. Coinbase Pro is the first and only fiat currency support for Litecoin in sixth place.
As is always the case in the world of cryptocurrency, it remains to be seen what the future will hold for the Litecoin price. This current trend can be eroded fairly quickly in the coming hours and days, although there is no real reason for the cryptocurrency markets to see any real negative changes in the near future. That doesn’t mean they won’t happen, though.
You may be interested
Bitcoin-Friendly Square Cash is Now More Popular Than VenmoBrian Evans - Aug 20, 2018
Data from app research firm Sensor Tower and Nomura Instinet have revealed that cumulative downloads of Square’s Cash App have surpassed that of its rival, Paypal’s Venmo,…
Will the First Bitcoin ETF Make the Crypto Market Even More Volatile?Brian Evans - Aug 20, 2018
The first Bitcoin exchange-traded fund (ETF) is expected to be approved by February of 2019. But, some experts have stated that ETFs may increase the volatility of…
Op-ed: The Real Story — How Cryptocurrency Exchanges Extract Profit from EveryoneBrian Evans - Aug 19, 2018
Written By: Alex Mashinsky, CEO of Celsius Network and accomplished VoIP entrepreneur Most companies or projects that hold an ICO or token generation event (TGE) are under…