It is still relatively difficult to make sense of the cryptocurrency markets today. While the positive momentum has obviously returned, no one really knows how long this trend can be supported. For now, however, the main focus will be on the Litecoin price, for some. This particular altcoin is noting strong gains again as it attempts to break the $90 resistance once again.
Can the Litecoin Price Push Through?
It is only normal to see Litecoin benefit from Bitcoin’s renewed surge. Although there is always a chance this trend will reverse over the weekend, there seems to be sufficient momentum behind this price rise to keep things going for a while. Litecoin too notes great trading volume as its price tries to break the next resistance level near $90.
Over the past 24 hours, the Litecoin price has noted a strong 6% gain in USD value, pushing the price to $88.3. There is also a smaller 3.08% gain over Bitcoin, as the LTC/BTC ratio returns to 0.0175 Bitcoin. Traders will be rather pleased with the way things are going at this time. primarily because there is plenty of trading volume to go around.
On social media, the excitement surrounding Litecoin is also returning, it seems. Crypto Capital Venture is confident Litecoin has a bright future, as there is a halving coming up in four months. Moreover, the vast majority of LTC are already in circulation. A block reward halving can trigger short-term price spikes, but only time will tell whether that will effectively occur this time around.
Around 61 million Litecoin are in circulation
Only 23 million left to be produced
RETWEET if you are securing your payments future & accumulating LTC
— Dan Gambardello (@cryptorecruitr) March 31, 2019
Todor Slavchev shared an interesting musing with the Twitterverse this week. This user is confident Litecoin is better than Bitcoin in every single regard. As such, he also offers a moment of silence for Bitcoin Maximalists who never bothered to look at LTC to date. Everyone is entitled to their own opinion, but it seems unlikely Litecoin will overtake Bitcoin anytime soon if ever.
— Staked Wealth (@TodorSlavchev) April 5, 2019
Trader Bahs, on the other hand, is simply looking for ways to make as much money as possible. Longing Litecoin, XRP, and EOS has proven to be a successful trade so far, even though any market could have yielded some degree of gains compared to 24 hours ago. The big question is when traders will begin shorting en masse again, as that seems to be a matter of time.
— Trader Bash (@traderbash768) April 5, 2019
When looking at the big picture, it would appear Litecoin’s uptrend only occurs because Bitcoin is rising in value. That is not necessarily a bad thing, but it is evident the world’s leading cryptocurrency is under tremendous pressure to perform right now. This coming weekend will prove to be incredibly interesting, either for better or worse.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.