It has not been a good week for most cryptocurrencies so far. All markets lost significant value and the total market cap is down by several dozen billion. For Litecoin, things are not looking all that bad, even though the altcoin is currently unable to reclaim the $35 level as stable support. That situation may come to change sooner or later, assuming the trading volume picks up and Bitcoin doesn’t reverse course.
Litecoin Price Shows Signs of Positive Momentum
It has been a brutal first half of the week for all major cryptocurrencies. Once Bitcoin loses value, all bets are off for altcoins, tokens, and digital assets alike. This week has been no different in that regard, even though most people had hoped for some alternative markets to decouple themselves from Bitcoin during this crucial time. That hasn’t happened so far, nor will that change in the coming weeks.
In the case of the Litecoin price, there is a notable minor uptrend in both USD and BTC value. After everything that transpired this week, such small gains need to be welcomed with open arms first and foremost. Although no one can predict how long these gains will remain in place, things are not looking half bad at this time. Sustaining this momentum will require more trading volume and a bit of help from Bitcoin, though.
Looking across social media, it is evident a lot of users remain hopeful cryptocurrencies will rebound soon. So far, the year 2018 has not shown any inclination to do exactly that, although the year isn’t over just yet. Mike is happy with his recent Litecoin investment, as it is already making him a bit of profit for doing absolutely nothing. This is just one example of how powerful cryptocurrency investments can be, even when small amounts are involved.
— 𝘔𝘐𝘒𝘌 ░▒▓█ マイケル (@northexpedition) November 22, 2018
There is one aspect about crypto and digital asset markets one simply cannot overlook. More specifically, there are five currencies which are purchased far more frequently than others. Litecoin belongs in that list, thus it should be a matter of time until it returns to the cryptocurrency market cap top 5. That may be a big challenge, as it will need to overtake both XLM and EOS to do so.
$XRP #XRP $Crypto #Crypot #Ripple #Bitcoin #Litecoin #Ethereum #BitcoinCash #Influence #CryptoMarkets
TOP Five is allways the TOP, its like your left or roight hand have five fingers and which hand you will joice you will take something 😇 pic.twitter.com/q1OzOHP9kw
— Miga฿©®™ (@migafreeman) November 22, 2018
Perhaps the biggest news of the week is how cryptocurrencies continue to gain traction in Venezuela. That is a remarkable development, especially when considering how there has not been any real indication Venezuela is getting closer to officially embrace Bitcoin or altcoins. This new use case for cryptocurrencies has been long overdue. The store in question seemingly focuses on Bitcoin payments, although there is alleged support for altcoins as well.
Keeping all of this information in mind, there is a good chance the Litecoin price will hit $35 later today. Turning it into a level of support, however, will be extremely difficult. As long as the value per BTC remains above $30, there is no immediate downtrend to be expected for the time being. If Bitcoin were to cave in again, though, $30 won’t be the bottom for Litecoin either.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.