With the Bitcoin price trashing all previous all-time high records once again, things are looking very promising. It remains to be seen if any of the alternative currencies can benefit from this momentum in the coming hours and days. So far, it seems Litecoin is doing exactly that. With the Litecoin price going back to $52, a strong uptrend is forming.
Litecoin Price Momentum Mimics Bitcoin’s
In most cases, a rising Bitcoin price is nefast for alternative cryptocurrencies. Although this is not a popular opinion, it is merely a fact. altcoins and Bitcoin hardly ever increase in value at the very same time, and that situation will not necessarily change in the near future either. That being said, it appears Litecoin is trying to buck the trend, as the Litecoin price has increased by 2.67% over the past 24 hours.
This is not a spectacular gain by any stretch of the imagination. However, the Litecoin price is doing something most other altcoins fail to achieve right now. With the Litecoin price going back to $52 and potentially a lot higher in the near future, the uptrend we saw from earlier this week appears to be in full effect. It is unclear how things will evolve in the very near future, though,
It is certainly possible we will see more Litecoin price gains in the very near future. That all depends on how the Bitcoin price evolves. If the Bitcoin momentum becomes extremely bullish – which is highly likely right now – things may turn out pretty horrible for all altcoins, including Litecoin. Then again, it is equally possible the Litecoin price will keep going up at the same time, as cryptocurrency markets are highly volatile at any given time.
One thing to keep in mind is how the Litecoin trading volume is not looking extremely healthy right now. Given all of the focus on the Bitcoin price, that itself is anything but surprising right now. With $72.243m in 24-hour trading volume, things look decent for Litecoin. If this volume grows during the remainder of the day, it will be interesting to see if the volume in the LTC/BTC markets picks up. Right now, that is not the case just yet.
Instead, we see the main trading markets for Litecoin focus on the Korean Won and US Dollar. Bitfinex, GDAX, and Bithumb are leading the charge right now, although the difference is pretty minimal. Even the fourth exchange on the list can easily overtake these three in a matter of hours. A very interesting situation, to say the very least, even though no one knows for sure how things will evolve in the coming hours and days. It is not unlikely we will see the Litecoin price head to $55 before a correction sets in, though.
In the end, these are pretty exciting moments for the cryptocurrency industry as a whole. If the Bitcoin price goes up, good things are bound to happen to the ecosystem as a whole. It may take a while until most altcoins recover, though, yet Litecoin offers a glimmer of hope right now. Whether or not this will remain the case for the rest of the day, is anybody’s guess right now.