These are interesting times for most cryptocurrencies despite Bitcoin’s lack of appeal. That in itself is pretty interesting, especially when considering how nearly all markets rely on Bitcoin first and foremost. In the case of the Litecoin price, things have gotten pretty interesting as of late. It is now back in the market cap top 5, after a lengthy struggle.
Litecoin Price Momentum Turns Bullish
Although most discussions in the cryptocurrency industry pertain to Bitcoin first and foremost, one should never ignore the other markets by any means. Albeit there is a good chance most of these currencies will continue to lean on Bitcoin for momentum, some unusual behavior can be noted every now and then. The recent Litecoin trend is a great example of how things can evolve on their own accord regardless of what Bitcoin is doing.
Over the past 24 hours, the Litecoin price has risen by 1.7% in USD value and 1.9% in BTC value. Both of these trends are pretty peculiar to be noted at this time. This is also the first time in a while Litecoin enters the market cap top 5 again, as it successfully overtook Bitcoin Cash. With a current value of $33.85 or nearly 0.01 BTC, the current momentum looks very interesting regardless of how one wants to look at things.
To put this in perspective, there is some genuine excitement regarding this recent “flappening”. That is the term people tend to use when Litecoin overtakes another major cryptocurrency in market cap. Mitchell Moos is quite taken by this particular development, although there is a good chance the rankings will switch again over the course of today.
— Mitchell Moos (@MitchellMoos) February 8, 2019
It would also appear the community is also awarding community members for their involvement in Litecoin these days. While that is a valid approach to raise some more attention, it seems Logan Paul has gotten the “weekly Litecoin MVP award”. A peculiar development, although one that shouldn’t necessarily influence the price in any significant manner.
— Litecoin Master (@xtdisnkfe) February 8, 2019
What is more intriguing is how Litecoin has successfully hit its one-month high. Considering how the overall bear market is still in full effect, one wouldn’t necessarily expect a trend on this scale to materialize now or in the near future. Even so, the Litecoin gains are quite genuine as of right now, albeit one has to question if the trend can be sustained for more than a few hours on end. That will always be the primary concern.
— CryptoNewswire (@CryptoNewswire) February 8, 2019
Although Litecoin has plenty of trading volume right now, it may not necessarily be sufficient to keep this train going for very long. After all, the Bitcoin pressure will get to all other markets regardless, yet Litecoin may try to stave off the seemingly inevitable for the coming hours. Reaching $35 might not necessarily happen anytime soon, but the 0.01 BTC level seems ripe for the taking.
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.