Even though Bitcoin is still firing on all cylinders, we see the valuable altcoins cement their position in the top 20 as well. One currency that is currently overlooked a bit is Litecoin, despite the Litecoin price surpassing $100 earlier tonight. It is evident the silver to Bitcoin’s gold should not be ignored whatsoever. Even though its market cap is lower than it perhaps should be, the Litecoin price is holding its own with relative ease during this Bitcoin bull run.
LITECOIN PRICE IS TEARING IT UP
It is good to see the Litecoin price momentum established earlier this week continue unabated. While most people would expect altcoins to crash in value while the Bitcoin price is setting new records pretty much every hour, that is far from the case. There are some altcoins which are subject to extreme volatility right now, but the majority of established currencies is rolling with the punches right now. Litecoin is perhaps one of the best examples in this regard, as this altcoin is only appreciating in value as time progresses.
More specifically, the Litecoin price was well below $93 less than 24 hours ago. Ever since the Bitcoin price started surpassing $10,000 there have been some concerns as to whether or not LTC could keep the momentum going. Price stability would have been the first priority, but things turned out quite differently. In fact, we saw the Litecoin price rise to almost $103 in quick succession, which took a lot of people by surprise. Although there has been a small correction ever since things are still looking pretty good.
With the Litecoin price dropping from $103 to $96.58, it is evident a lot of people took their profits and looked for a lower entry point. Surprisingly, the Litecoin price hasn’t dropped lower ever since that time and is now close to surpassing $100 once again. A major feat of strength by one of the older altcoins, and it goes to show any cryptocurrency with an actual purpose will survive this “onslaught’ without too many problems. There will be some volatility in the coming days and weeks, but the established currencies will only come out stronger, by the look of things.
Litecoin also has a very solid trading volume, which has been hovering around $500m for several days now. In the past 24 hours, we saw $585m worth of LTC change hands across all of the exchanges, which clearly indicates there is still genuine demand for this currency. Altcoins have a lot more promise when it comes to future gains, even though most of them are reaching a new all-time high in the very near future. Bitcoin is becoming a catalyst for altcoins to thrive, rather than the other way around.
GDAX is still the go-to place for Litecoin trading right now. This exchange would be a lot more popular if they decided to add all other major altcoins as well, but for now, that is not on their agenda. Bithumb is in second place and is just $3m behind GDAX in volume. Bitfinex completed the top three, although their Bitfinex is far less significant. We once again see three fiat currency markets dominate the landscape, further confirming fresh capital is entering the market.
It will be interesting to see how Litecoin holds its own in the coming days. There is no reason to think any of the major altcoins will go through a correction in the near future. The battle for a new all-time high Litecoin price is still in effect, and $110 seems a likely target for this week. Then again, we may see some currencies effectively break out, rather than simply move up slightly. A lot can change in the world of cryptocurrency, that much is rather evident.