Today has proven to be a majestic day for Litecoin. Although this altcoin is often overlooked amid all the pump-and-dump schemes, it is still a very solid currency. Thanks to Litecoin’s recent gains, it’s now valued at over US$83. This year is a gift that keeps on giving for all cryptocurrency supporters, by the look of things.
Litecoin Price Hits All-time High
It almost sounds like a broken record, but we have another all-time high for a very popular cryptocurrency. After Bitcoin, Ethereum, Monero, and Dash all set all-time highs in recent days, it is now Litecoin’s turn. With a Litecoin price of over US$83, the sky’s the limit, so to speak. We’ve seen massive growth among all altcoins which have solid technical foundations, and it would be wrong to not include Litecoin on this list.
The sudden Litecoin price gain is a bit surprising, although it was only a matter of time in hindsight. After all, we’re seeing all currencies in the top 10 hitting new support levels with higher lows and higher highs. This trend may not be sustainable in the long run, but for now, all systems are go. The Litecoin price may even surpass US$100 before the year is over, as nothing seems impossible in the cryptocurrency world these days. Then again, one should always remain a bit cautious.
Whether or not Litecoin can keep this momentum going remains anybody’s guess at this point. It is good to see altcoins find their proper value, regardless of how the Bitcoin price is evolving. In most cases when Bitcoin surges, Litecoin – along with other alts – takes a big hit, but that is no longer the obvious outcome these days. It’s an intriguing development that may signal substantial growth for years to come.
Litecoin has seen some nice trading volume over the past 24 hours as well. With nearly US$381 million worth of LTC changing hands across all exchanges since yesterday, it is evident this altcoin is in high demand right now. The same applies to virtually all other altcoins, but it is good to see this established currency go with the flow. A lot of people had expected the Litecoin price to dwindle after the China debacle, but that never happened.
Perhaps the biggest surprise is that the majority of Litecoin’s 24-hour trading volume hasn’t originated from Bithumb for a change. Instead, we’re seeing GDAX and Bitfinex dominate the charts, as both have a clear lead over Bithumb. The fact that there are three fiat currency trading pairs among the top three indicates there is fresh capital entering the cryptocurrency world, which can only be considered a good thing. This has certainly helped push the LTC market capitalization above US$4.5 billion, cementing this altcoin’s solid growth.
It will be interesting to see where things go from here. The bullish momentum affecting all cryptocurrencies cannot last forever, but there is no reason to think we will see any major changes before the year is over. There will be plenty of opportunities to take profits along the way, and traders must make sure they do so before the eventual correction.