It would appear one cryptocurrency has effectively broken the negative market trend. The Litecoin price is the first to go in the green despite this current bearish momentum. A surprising turn of events, albeit one that is also more than welcome under the current circumstances. It also shows the Bitcoin price trend can’t keep altcoins down forever m not even in this day and age.
Litecoin Price Turns Semi-bullish
Of all cryptocurrencies to go into the green, few people expected Litecoin to be on this list these days. Although this is one of the oldest altcoins, there is no outspoken demand for this particular currency in this day and age. Even so, the Litecoin price has risen to $78.2 once again and it is the first major currency to buck the negative price trend across all markets.
This 1.68% price increase is quite interesting to keep an eye on. It does show the altcoin is in somewhat high demand right now, even though it’s still too early to say if this will be a long-term trend first and foremost. As is usually the case where cryptocurrencies are concerned, the short-term price changes do not necessarily warrant similar momentum for the long-term.
There is also an interesting change in the LTC/BTC ratio. Contrary to what most speculators would expect, it has become evident the momentum is changing in favor of Bitcoin as of right now. If this trend keeps up, the Litecoin price may continue to rise to $80 and possibly more in the coming hours. All of this is happening despite the Bitcoin price still being on the decline.
Similar to most other altcoins, Litecoin has seen its average trading volume decline over the past few hours. That situation is slowly coming to change, as the past 24 hours have resulted in nearly $300m in volume. A more than respectable amount for this particular altcoin, even though it is evident this trend may not last all that long, all things considered.
OKEx is clearly in the lead when it comes to Litecoin trading volume. This exchange has maintained a dominant position for quite some time now, and it seems that situation will remain in place for some time to come. Its BTC and USDT pairs are both well ahead of Bitforex’s USDT pair. Further down the list, there is RightBTC’s BTC pair ad Binance’s USDT market. A solid collection of different options to trade Litecoin,
It is good to see at least one popular cryptocurrency heading in the right direction during this bearish period. While the Litecoin price will not set the tone for all of the other cryptocurrencies on the market, it shows there is plenty of room for positive momentum as time progresses. Whether or not other cryptocurrencies will see positive momentum in the coming hours, remains a bit unclear at this stage.
Image(s): Shutterstock.com