Even though Bitcoin is still firing on all cylinders, we are seeing the valuable altcoins cement their positions in the top 20 as well. One currency that is currently overlooked a bit is Litecoin, despite its price surpassing US$100 earlier today. It is evident the silver to Bitcoin’s gold should not be ignored whatsoever. Even though its market capitalization is lower than it perhaps should be, the Litecoin price is holding its own with relative ease during this Bitcoin bull run.
Litecoin is Tearing it up
It is good to see the Litecoin price momentum established earlier this week continue unabated. While most people would expect altcoins to crash in value while the Bitcoin price sets new records pretty much every hour, that is far from the case. There are some altcoins which are subject to extreme volatility right now, but the majority of established currencies are rolling with the punches right now. Litecoin is perhaps one of the best examples in this regard, as the altcoin is only appreciating in value over time.
The Litecoin price was well under US$93 less than 24 hours ago. Ever since the Bitcoin price surpassed US$10,000, there have been some concerns as to whether or not LTC would continue rising in value. As it happened, we saw the Litecoin price rise to almost US$103 in short order, which took a lot of people by surprise. Although there has since been a small correction, things are still looking pretty good.
With the Litecoin price dropping from US$103 to US$96.58, it is evident a lot of people took their profits and looked for a lower entry point. Surprisingly, the Litecoin price hasn’t dropped lower ever since that time and is now close to surpassing US$100 once again. That’s a major feat of strength by one of the older altcoins, and it goes to show any cryptocurrency with an actual purpose will survive the present onslaught without too many problems. There will be some volatility in the coming days and weeks, but the established currencies will only come out stronger, by the look of things.
Litecoin also has very solid 24-hour trading volume, which has been hovering around US$500 million for several days now. In the past 24 hours, we saw US$585 million worth of LTC change hands across all exchanges, which clearly indicates there is still genuine demand for this currency. Altcoins have a lot more promise when it comes to future gains, even though most of them have reached new all-time highs very recently. Bitcoin is allowing altcoins to thrive, rather than the other way around.
GDAX is still the go-to place for Litecoin trading right now. This exchange would be a lot more popular if it decided to add all other major altcoins as well, but for now, that is not on its agenda. Bithumb is in second place on this list, coming just US$3 million short of GDAX in 24-hour volume. Bitfinex rounds out the top three, although its volume is far less significant. We are once again seeing three fiat currency markets dominating the landscape, further confirming that fresh capital is entering the market.
It will be interesting to see how Litecoin performs in the coming days. There is no reason to think any of the major altcoins will undergo a correction in the near future. The battle for a new all-time high Litecoin price is still in effect, and US$110 seems a likely target for this week. Then again, we may see some currencies effectively break out, rather than simply move up slightly. A lot can change in the world of cryptocurrency; that much is evident.