It seems the end of the year is solid for Litecoin holders. We have seen some very powerful gains and the altcoin has recovered nicely after the recent Litecoin price dip. Although there is still a lot of work to be done before any major changes can occur. With a Litecoin price of $320 on the charts right now, it is safe to say Litecoin will keep moving toward the $20bn market cap in the coming weeks.
Litecoin Price Keeps up the Pace
Unlike what most people would have expected a few weeks ago, things are still looking pretty good for the Litecoin price. After the big dip to $265 a few days ago, people weren’t too sure what the future would hold for this altcoin. Thankfully, the Litecoin price eventually rose back to $300 and it seems we may see a new all-time high in the coming hours and days. It all depends on whether or not Bitcoin breaks out again.
Over the past 24 hours, we have seen the Litecoin price hold its own at the $300 level with relative ease. That is pretty surprising, as the Bitcoin price decided to move up again in the same period. Altcoins are losing far less value in USD these days when Bitcoin moves up. Especially the Litecoin price seems to remain pretty stable during such swings, even though its Bitcoin value always takes a hit. Then again, that latter part is only to be expected, as all other cryptocurrencies go through a similar process.
For now, the Litecoin price all-time high still sits at just over $331. With the current Litecoin price of just over $320, it seems evident this value will be surpassed at some point in the near future. Most LTC holders will be more than pleased if and when this happens, although cryptocurrency will always remain an unpredictable market first and foremost. Big things are on the horizon for the cryptocurrency as a whole, and Litecoin certainly has its part to play in all of it.
With over $1.86bn in 24-hour trading volume, things are looking pretty good for Litecoin. Demand for this popular cryptocurrency is still very tangible, and it seems fewer people are willing to sell at the current price. Slowly but surely, more and more cryptocurrency users start to hold onto their coins for the long-term instead of flipping them for small profits on a daily basis. This latter option also invokes a lot more stress and OCD, which isn’t necessarily fun to deal with.
It is uncanny how GDAX still has the highest Litecoin trading volume over the past 24 hours. This is a positive development, mind you, as fresh capital needs to keep entering the cryptocurrency markets as a whole. Bitfinex is in second place, as they inched ahead of Bithumb by a few million. Once again, we see three fiat currency trading pairs dominate the Litecoin trading volume. A very bullish sign for the future, that much is certain.
For now, it seems as if it is only a matter of time until the total cryptocurrency market cap surpasses $1 trillion. When that happens, all of the proper currencies will get another healthy price boost, and Litecoin will most likely be among them. Although a lot of people hold out high hopes to see the Litecoin price surpass $500 in the near future, it may not necessarily happen in 2017. Then again, no one thought Bitcoin would get past $10,000 either.
Source: The Merkle