While most cryptocurrencies dropped a lot in value over the past two days, the Litecoin price remained largely unaffected. Granted, there was an initial dump to around US$78, but things picked up steam again shortly afterward. Right now, we have a Litecoin price of almost US$90 once again, and the push toward US$110 is still intact. How things will play out in the next few hours and days remains to be seen.
Litecoin Surge is Still Intact
It is good to see all cryptocurrency markets finally recover after a somewhat rough period. The Bitcoin price has a habit of dragging all altcoins down with it, which can certainly have some very significant consequences in the end. For the Litecoin price, this turmoil was somewhat limited, as the market experienced a brief dip before recovering. Wild price swings are not uncommon in the world of cryptocurrency whatsoever.
Having dropped just US$6 when the Bitcoin price fell over US$2,000 in short order, Litecoin has certainly held its own compared to most other currencies. When the price started mounting a comeback to US$90 a few hours ago, things looked promising. Subsequently, the Litecoin price struggled a bit and dipped to US$84, but this trend has since reversed.
With the Litecoin price heading back toward US$90, it is only a matter of time until we see another push toward US$100. Prior to the Bitcoin dip, we had expected that the Litecoin price might hit US$110 in the near future. Now that all markets are recovering, we may see that projection come true. After all, nothing is impossible in the world of cryptocurrency, and we may even see some new all-time highs for a few other cryptocurrencies before the year is over.
With over US$451 million in 24-hour trading volume, the demand for Litecoin is certainly still there. While this is not the highest trading volume among all altcoins by any means, Litecoin has a habit of generating steady volume for extended periods of time. This is very different from a lot of other altcoins right now, which only confirms that LTC will continue to stand out among all other cryptocurrencies.
One thing that hasn’t changed is that GDAX is still the leading Litecoin exchange by trading volume. Bitfinex is in second place, and OKEx successfully leapfrogged Bithumb to claim the number three spot. It remains to be seen whether or not the South Korean exchange will find a way to mount a comeback.
For now, it seems the way to a new all-time high LTC price is wide open, although that will depend on whether or not Bitcoin will “shit the bed” once again before the week is over. We haven’t seen a monumental correction just yet, but that may never happen for all we know. These are interesting times for cryptocurrency traders all over the world, to say the very least.