Today could prove to be a very good day for people still holding Litecoin as part of their portfolio. Although the past few weeks have been quiet, we see a nice move upward for the Litecoin price over the past 24 hours. Thanks to a 20% gain in USD value and a 10% gain over Bitcoin, the Litecoin price is approaching the $300 level once again. Some people would say this upward momentum is long overdue.
LITECOIN PRICE WAKES UP ONCE AGAIN
It is fairly obvious all cryptocurrency markets are slowly getting back on track in the new year. The end of 2017 and the first few days of 2018 didn’t offer much to get excited about except for a few seemingly pump-and-dump schemes to catapult currencies into the top 10. The big coins – including Bitcoin and Litecoin – didn’t budge all that much. That situation is now coming to change, as things are finally picking back up where we left off about two weeks ago.
More specifically, the Litecoin price is slowly moving toward the $300 range once again. Although Litecoin surpassed this value once in the past 24 hours, the people simply took profits and waiting for a lower point of entry. It seems highly unlikely there is much wiggle room in this regard, as the Litecoin price seemingly holds its own quite well in the $285-$295 range. Small profits can still add up to major gains if coins are flipped several times in quick succession, though.
It appears this next leg up started materializing about 12 hours ago. When the Litecoin price was seemingly stuck between $240 and $255 for the foreseeable future, something changed all of a sudden. There was an uninterrupted ride for $285 and after a small dip, a new push toward $302. Ever since, the Litecoin price has not dropped below $284 again. Do keep in mind cryptocurrencies are inherently volatile and Litecoin will not prove to be different in this regard whatsoever.
Thanks to $2.06bn in 24-hour trading volume, things are looking quite good for Litecoin right now. More specifically, the volume was a bit lower these past two weeks, but it seems people are more than willing to buy and exchange cryptocurrencies once again. Whether or not this is only a prelude of what has yet to come or a temporary uptrend. People who keep a close eye on the Litecoin price will be pleased with this development regardless.
The main question is whether or not fresh capital is entering the world of cryptocurrency. In the case of Litecoin, the trading volume is dominated by GDAX and Bithumb, followed closely by OKEx and Bitfinex. Three out of these four markets are linked to fiat currencies, which seems to confirm we have an influx of fresh money to contend with. If this trend keeps up, we may very well see the Litecoin price surpass $325 before the weekend is over.
In the end, the weekends are always unpredictable when it comes to cryptocurrency trading. That situation will not change anytime soon either. While no one really expected to see the Litecoin price shoot up all of a sudden, we have to cherish these moments when they arise. For now, there is a good chance people will make decent money with Litecoin over the next two days, although things can always change on a whim’s notice.
Source: https://themerkle.com
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