Categories: CryptoNews

Litecoin Is on Track to Set a New All-Time High Soon

It seems the end of the year will be solid for Litecoin holders. We have seen some very significant gains recently, and the altcoin’s price has recovered nicely after its recent dip. With a value of US$320 right now, it is safe to say Litecoin will keep moving toward a market capitalization of US$20 billion over the coming weeks.

Litecoin Bulls Keep up the Pace

Unlike what most people expected a few weeks ago, things are looking pretty good for the Litecoin price. After the big dip to US$265 a few days ago, people weren’t too sure what the future would hold for this altcoin. Thankfully, the Litecoin price eventually rose back up to US$300, and it seems we may see a new all-time high in the coming hours and days. It all depends on whether or not Bitcoin breaks out again.

Over the past 24 hours, we have seen the Litecoin price hold its own at the US$300 level with relative ease. That is pretty surprising, as the Bitcoin price decided to move up again over the same period. Altcoins are losing far less of their value against USD these days when Bitcoin moves up. In particular, the Litecoin price seems to remain pretty stable during such swings, even though its value relative to Bitcoin always takes a hit. Then again, that is only to be expected, as all other cryptocurrencies do the same thing.

For now, Litecoin’s all-time high price is just over US$331. With the current Litecoin price sitting at just over US$320, it seems this value will be surpassed at some point in the near future. Most LTC holders will be more than pleased if and when that happens, although cryptocurrency markets will always remain unpredictable. Big things are on the horizon for the cryptocurrency industry as a whole, and Litecoin will certainly have its part to play.

With over US$1.86 billion in 24-hour trading volume, things are looking good for Litecoin. Demand for this popular cryptocurrency is still very present, and it seems fewer people are willing to sell at the current price than before. Slowly but surely, more and more cryptocurrency users are starting to hold onto their coins for the long term rather than flip them for small profits on a daily basis. The latter approach involves a lot more stress and OCD, which aren’t necessarily fun to deal with.

It is uncanny how GDAX has had the highest Litecoin trading volume of any exchange over the past 24 hours. This is a positive development, mind you, as fresh capital must continually enter the cryptocurrency markets. Bitfinex is in second place, as its 24-hour volume has inched ahead of Bithumb’s by a few million dollars. Once again, three fiat currency trading pairs are dominating Litecoin’s trading volume. It’s a very bullish sign for the future; that much is certain.

For now, it seems it is only a matter of time until the total cryptocurrency market cap surpasses US$1 trillion. When that happens, all of the proper currencies will get another healthy boost, and Litecoin will most likely be among them. Although a lot of people are holding out hope the Litecoin price will surpass US$500 in the near future, it may not necessarily happen in 2017. Then again, no one thought Bitcoin would fly past US$10,000 this year either.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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