Looking at the cryptocurrency markets, it is evident there is plenty of green across the board. This trend will most likely continue for some time to come, primarily because Bitcoin is noting some rather impressive gains. For the Litecoin price, things have begun looking up as well. A slew of recent developments is seemingly getting more people excited about this altcoin.
Litecoin Prices Eyes the $70 Resistance
Despite the year 2018 not starting off all too well for all cryptocurrencies, it seems the final stages of this year may offer something to be excited about. All cryptocurrency markets appear to be in the green as of right now, which gets speculators and investors very excited, for obvious reasons. The Litecoin price is well on its way to hit $70 at this rate, assuming the momentum remains in place.
Several key developments are responsible for influencing the Litecoin price momentum. First of all, there are the new futures contracts offered by Crypto Facilities. Albeit Litecoin is just one of the newly added offerings, the service provider is confident it can become a key market for their perceptual futures contracts. The Litecoin pair is tied to the US Dollar, which should help expose a lot more investors and speculators to what Litecoin has to offer exactly.
Secondly, a new cross-chain conversion between Bitcoin and Litecoin has been unveiled late last week. Daniel McNally showed how the process works and has made the source code available to the entire world to get more people to try this experience for themselves. It is not necessarily a groundbreaking development, yet the transfer was executed using Lightning Network technology without any problems. A positive sign for LTC as a whole.
First #TenX cards are being shipped here in Singapore to internal team members right now. We want to make sure all processes are streamlined to scale and quality of packaging and the cards are world-class. Stay tuned for updates. #TenXyourLife #crypto #bitcoin #ethereum #litecoin pic.twitter.com/W7HRMoUeJO
— TenX (@tenxwallet) September 4, 2018
More recent news comes in the form of the TenX cryptocurrency debit cards. After finalizing the products over the past several months, the cards are being shipped to internal team members as of right now. This particular project also supports Litecoin through its mobile application, which means users will be able to fund these cards with LTC as well. Another step forward toward ensuring mass adoption of Litecoin adoption.
How much these changes influence the current Litecoin price, is always difficult to predict. There is a 5.45% increase in value over the past 24 hours, which further confirms interest in this altcoin is on the rise. It seems the Litecoin price should have no issues surpassing $70 in the coming hours and days, and reaching a BTC value of 0.01 again is not completely out of the question either.
Overall, the cryptocurrency industry is noting strong volume and a positive trend which may be considered a long-term bull flag. For Litecoin, its trading volume of $278.93m is rather impressive, and it will undoubtedly attract even more speculators over time. For existing LTC holders, this change of pace will be a welcome turn of events, as 2018 hasn’t been the most fun year to own cryptocurrency so far. That may finally come to change, by the look of things.