A lot of interesting things are happening in the world of cryptocurrency once again. With most markets showing a positive uptrend as of right now, it is quite interesting to see which currencies note the biggest gains. As of right now, it seems the Litecoin price is taking the top spot in this regard, thanks to a solid 19.23% gain in the past 24 hours. As a result, we now have a Litecoin price of over $184 once again.
Litecoin Price Momentum is Back in Full Force
With so many cryptocurrencies appreciating in value again, it has become evident the current market volatility can work out in a favorable manner as well. Thanks to some very solid overnight gains, the Litecoin price has risen to over $184 once again. It is a very positive development for this particular altcoin, as its value has been suppressed for quite some time now. Even so, reaching the previous all-time high of $366.15 will be quite a challenge.
With these solid overnight gains, the Litecoin price seems to have broken its negative slump, for the time being. That doesn’t mean things will not turn bearish in the future again, though, as there is a lot of volatility in the markets as of right now. Any major gains today can quickly turn into even bigger losses in the near future, as we have seen throughout most of 2018 already. Whether or not this cycle will keep repeating itself, remains to be seen.
With the Litecoin price going from $140 to $184 in just one week, it further confirms the markets have seen major losses over the past few weeks. There is still a long way to go before all markets will become a playground for bullish traders again, but for now, that is not happening anytime soon. It is evident the gains push the Litecoin price to $200 slowly but surely, even though there will be sufficient market opposition to ensure that uphill trend will not happen too quickly either.
Thanks to $1.068b in 24-hour trading volume, we may see the Litecoin price continue to move up over the coming hours. As there is still a lot of work to be done in this regard, it will be interesting to see whether or not we will reach $200 later today. There is no reason to think this is impossible to achieve, but given the recent market volatility, it is equally possible the Litecoin price will drop below $175 as well. Only time will tell how things play out in this regard.
OKEx is the largest exchange ranked by Litecoin trading volume as of right now. GDAX is not that far behind, even though OKEx is taking the third spot as well. Bitfinex is the second fiat currency market on the list, although their trading volume is less than half of GDAX’s right now. It is quite interesting to see how all of these different exchanges shape up in this regard, even though the overall trend seems to reflect more fresh capital entering the cryptocurrency markets in general right now.
For the time being, it remains to be seen what the future will hold for the Litecoin price. Right now, things are looking rather positive, but the markets are so unpredictable, anything can happen in the blink of an eye. Anyone who bought Litecoin during the dip will need to contemplate when to take profits, as the market sentiment can turn around very quickly. There are also solid gains in the BTC department, though, thanks to a 14.26% increase in favor of LTC.
Source by Cryptocurrency.net