It is to be expected that a lot of cryptocurrencies will struggle for the foreseeable future. Once Bitcoin broke the US$9,000 barrier, altcoins went into the red almost immediately. The big question is whether or not Litecoin can continue to buck this trend. It is the only top altcoin still in the green as of right now.
Litecoin Price Keeps Moving Up
It has been a wild ride for the Litecoin price over the past few days. After reaching a new all-time high of US$84 just yesterday, the party kept on going for a while longer. At its peak, the Litecoin price surpassed US$89, although that momentum didn’t last all that long. At its lowest point, the Litecoin price dropped to US$84, which is still more than acceptable.
Over the past few hours, things have started heading in the right direction again. We’ve seen an uptrend toward US$87, although things are slowly slipping again. Some negative market pressure is only to be expected when it comes to trading cryptocurrencies over the weekend. All cryptocurrencies are suffering a bit with the exception of Bitcoin itself. Right now, the Litecoin price is still close to US$86, and future growth is not out of the question.
It will be interesting to see how the Litecoin price evolves in the coming days. For now, there is still enough positive momentum in place to keep the truck rolling for a few more days. At the same time, people are slowly looking to cash out some profits and use the money for Christmas gifts and such. It is highly likely this momentum will affect altcoins a lot more than it will harm the Bitcoin price in the coming weeks. Then again, cryptocurrency markets remain highly unpredictable, and things are always subject to change.
Thanks to over US$431 million worth of 24-hour trading volume, Litecoin is still going strong as we speak. With enough buy support, it is highly doubtful that the Litecoin price will go down much further. At the same time, all markets are still pretty volatile right now, as a lot of altcoins are struggling to generate any meaningful trading volume.
GDAX continues to dominate the other exchanges in terms of trading volume. Its lead over Bithumb is just US$9.6 million, though, which could easily swing the other way with a bit of action on the South Korean side. Bitfinex has suddenly snuck into the number three spot, and it is well ahead of both Poloniex and OKEx in this regard. For the time being, we are seeing three different fiat currency trading pairs generating most of the LTC trading volume, which can only be considered a good thing.
There are a lot of interesting things going on in the world of cryptocurrency right now. Altcoins are taking a beating across the board, with Litecoin being the lone exception. It may only be a matter of time until this situation changes, though. For now, the Litecoin price is still holding its own around US$86. It’s a solid run for one of the most popular alternative cryptocurrencies in existence.