It appears we were somewhat too conservative with our Litecoin price expectations.Although it was evident this altcoin would surpass a value of $200 at some point, no one expected such massive growth overnight. At the time of writing, the Litecoin price hovers near the $242 mark, and it seems the party is far from over. An interesting and surprising end of the year for LTC, that much is certain.
Litecoin Price Momentum Isn’t Slowing Down yet
As has been the case with most cryptocurrencies, the growth of Litecoin should not be overlooked whatsoever. Even though most people only care about Bitcoin right now, it is not a perfect cryptocurrency by any means. In fact, one could argue Litecoin solves a fair few problems still present in Bitcoin today, although that is a matter of opinion. Regardless of which side of the fence you are on, the Litecoin price is soaring to new heights and it might not slow down anytime soon.
Over the past 24 hours, we have seen the Litecoin price rise from just over $150 all the way to $250. In most cases, one would expect an immediate retrace after such massive gains. Surprisingly, that has not happened as far as the Litecoin price is concerned. It may still occur in the coming hours, but for now, the popular altcoin seems to hold its own quite well in the $235 – $245 range. Whether or not such positive momentum can be sustained in the long run, is difficult to answer right now.
The all-time high Litecoin price was recorded a few hours ago. At one point, one LTC was valued at $254 and it seems to be a matter of time until we see that Litecoin price once again. A lot of interesting things are happening in the world of cryptocurrency these past few weeks. It was only a matter of time until Litecoin reclaimed its rightful place in the rankings. Thanks to its current $13.136bn market cap, things are looking pretty good for this respected currency.
Additionally, the Litecoin trading volume isn’t slowing down either. With over $4.65bn worth of LTC changing hands in the past 24 hours, it is evident we may see another big leg up in the coming hours and days. All of this will heavily depend on how the Bitcoin price evolves, which is always somewhat worrisome. Despite the launch of Bitcoin futures 36 hours ago, the price hasn’t benefited from it all that much. These are still the early days, though, and some industry experts massive fireworks to occur around Christmas.
No major changes have occurred in the Litecoin exchange rankings by trading volume. GDAX is still clearly the favorite, as they surpassed the $1bn milestone in the past 24 hours. Bithumb is in second place, yet they face incredibly strong competition from Bitfinex. With three fiat currencies leading the charge, it is evident a lot of fresh capital enters the Litecoin ecosystem as we speak. There are plenty of LTC/BTC markets generating a fair amount of volume as well, yet none of them come even close to surpassing $500m over the past 24 hours.
From a bullish perspective, it seems as if the Litecoin price will surpass $300 a lot sooner than people might think. Whether or not that is a rational assessment, remains to be seen. Everything that goes up in value must eventually come down, and Litecoin will not be an exception in this regard. All cryptocurrencies are flourishing, and profit takers will cash out to move onto the next hype cycle at some point. For now, things are still looking pretty good for LTC, though.