Litecoin Price Starts Bucking the Downtrend With Solid LTC/BTC Gains
With all cryptocurrency markets dipping hard today, it is very difficult to find a positive note. The Litecoin price may provide that positive aspect so many people are looking for as of right now. More specifically, the Litecoin price is still down by quite a lot, but it is also the one currency seemingly recovering the question as of right now. That in itself is quite a remarkable trend, especially given the current market conditions.
Litecoin Price Remains Vigilant
It is commendable to see how all cryptocurrencies attempt to recover as of right now, even though very few of them can effectively do so under the current circumstances. As such, any altcoin going up in value right now is well worth looking into, even if it means the currency is just cutting the losses to a minimum. In the case of the Litecoin price, it is the only currency to effectively lose less than 5% in value over the past 24 hours.
To put this into perspective, the Litecoin price dropped from $210 a few days ago all the way to $162 this morning. That downtrend should not be ignored whatsoever, but it goes to show a temporary correction is not necessarily a bad thing in the world of cryptocurrency. The Litecoin price is now moving back up and almost reached $175 in the process. A very strong bounce, although it remains to be seen how long this momentum can last.
It is also worth noting the Litecoin price is seeing this unusual “success” thanks to an appreciation in the LTC/BTC ratio. More specifically, the LTC/BTC ratio has improved by 5.2% in favor of Litecoin. We need altcoins to rise in value compared to Bitcoin when the Bitcoin price is going down. Whether or not this ratio will continue to influence the Litecoin price in a positive manner, remains to be determined.
With $754.17m in 24-hour trading volume, things aren’t looking all that bad for Litecoin. Granted, this volume could – and should – be a lot higher when dealing with perfect conditions. The current cryptocurrency market sentiment is far from perfect, and it will not necessarily improve in the near future. For now, Litecoin is doing what it needs to do, albeit there is always room for improvements in this regard.
Looking at the exchanges, it seems OKEx will continue to dominate the landscape for quite some time to come. Their BTC and USDT markets are well ahead of GDAX’s USD market as of right now. Bitfinex is in fourth place, and Binance completes the top five as we speak. It is evident there is a large demand to both buy and sell Litecoin right now, although it remains to be seen how all of this will affect the Litecoin price moving forward.
With the weekend almost upon us, it remains to be seen what the future holds for the Litecoin price. Given the way things are going right now, there is room for upward potential and perhaps a Litecoin price of $200 later this week. Whether or not any of this momentum will effectively materialize, is a different matter altogether. The weekend is known for its odd trading action, and the current volatility will only shake things up even further.