The ongoing “luck of the draw” for all cryptocurrency markets seems to hold up quite well. Although a few currencies have suffered from minor losses, the Bitcoin price is still in the green. One of the currencies most people tend to overlook right now is LTC, despite the Litecoin price benefiting from a small increase as well.
Litecoin Price Flies Under the Radar
It is rather interesting how people perceive the many different cryptocurrencies on the market today. Whereas most people pay attention to either Bitcoin or Ethereum, there are a handful of other currencies people need to take note of as well. Especially those currencies which have been around for quite some time now. Litecoin certainly falls into that category.
For the Litecoin price, the past 24 hours have been somewhat impressive. Although a 2.26% gain is nothing to be extremely excited about, the current price still shows there’s plenty of positive momentum across the markets when looking at the bigger picture. Thanks to this gain, the Litecoin price has risen to $86.6 again, which is not exactly the value most people want to see.
As one would expect from this Litecoin price increase, there’s also a price increase in the LTC/BTC ratio to keep the momentum going. Interestingly enough, this gain is larger than Litecoin’s USD increase, even though the value of Bitcoin is in the green. Cryptocurrency markets often work in different and mysterious ways.
Due to all different cryptocurrencies seeing a healthy increase in overall trading volume, the same applies to Litecoin. With just under $325m in 24-hour trades, the demand to buy and sell LTC is rather tangible. As long as the bulls remain in control of this market, the Litecoin price can continue to rise. Reaching $90 is not out of the question, for the time being.
OKEx has a firm control of the Litecoin trading behavior. Interestingly enough, there is also Coinbase Pro in fourth place. It appears the rename from GDAX to Coinbase Pro has not caused any major disruptions and the new brand is still pretty popular. Bit-Z and Binance are also in the top five as of right now. Just one fiat currency pair in the top five isn’t promising, but it is currently sufficient to keep the Litecoin price push going.
The bigger question is whether or not the Litecoin price can remain in the green for much longer There is some bearish pressure pushing down the prices of other cryptocurrencies, although that is not entirely surprising at this stage. As long as the value of Bitcoin doesn’t crash overnight, it seems evident the Litecoin price will continue to truck along nicely.