Litecoin Eyes $65 Target on the Road to $70
The Litecoin price has been subject to a fair amount of volatility over the past week. That is not entirely surprising, considering that virtually all other cryptocurrencies have seen some volatility as well. Last weekend’s Bitcoin Cash price surge certainly shook things up quite a bit. It appears Litecoin is slowly getting back on track, though, as its value is approaching US$65 once again. It’s an interesting development, combined with the fact that most altcoins are starting to recover in value right now.
LITECOIN PRICE STARTS TO RISE AGAIN
Whenever we see volatility in the cryptocurrency markets, it is fairly obvious most of the top altcoins will lose value in short order. It doesn’t really matter which coin is surging at the time, as other currencies will be affected regardless. In the case of Litecoin, things have moved in a rather unusual direction as of late. More specifically, we saw the Litecoin price fall from US$66.58 to US$57.5 last week, and the price has remained incredibly volatile ever since. At the same time, it quickly became clear that Litecoin would not go down without a fight. With the Litecoin price fluctuating between US$57.5 and US$62.5 for several days, a firm battle for control ensued.
The past 24 hours, however, have brought some stability to the Litecoin markets. An uptrend has emerged, pushing the value back to US$64.8. It is only a matter of time until US$65 is reached again, and the path toward US$70 seems wide open at this point. This is all assuming no other major shakeups happen in the cryptocurrency world, of course.
Somewhat surprisingly, Litecoin only has seen US$193.4 million in trading volume over the past 24 hours. Although this is still more than most other altcoins will see in the near future, it’s on the low side for this popular altcoin. It is expected this volume will rise over the coming hours, though, especially as more people become aware of this latest Litecoin price increase.
Bithumb, the only exchange people are talking about these days, is the main benefactor of this surge in the Litecoin price. Its 24-hour volume is almost twice that of GDAX and Bitfinex. It is good to see three fiat trading markets generating the majority of the Litecoin trading volume right now, although this altcoin will always be pretty popular when it comes to BTC and USDT trading as well. There seems to be a growing demand for Litecoin right now, which will be pretty interesting to keep an eye on.
With all altcoins back in the green, the cryptocurrency markets are firing on all cylinders as we speak. Just a few days ago, the total cryptocurrency market cap sat below US$196 billion, but it’s quickly rebounded to today’s US$215 billion. The Litecoin price is certainly doing its part in this regard, although it remains unknown how things will evolve in the near term. There is still plenty of volatility in cryptocurrency right now, and the Litecoin price may be especially affected over the next few hours. For now, though, all signs point toward reaching US$70.