With all cryptocurrencies going down a slippery slope again right night, it is evident the market volatility will not disappear anytime soon. Despite this obvious negative pressure, there are some currencies which can still make the best of a very difficult situation. The Litecoin price, for example, is doing just fine as of right now. With a solid gain in both USD and BTC value, the Litecoin price is well underway to surpass $215 later today.
Litecoin Price Continues to Impress
The past few months have not been exactly easy for Litecoin. It was surpassed in market cap by Cardano, a project focused on quantum-resistance, but still only half done at best. It seems that situation has been rectified in the past few days, as the Litecoin market cap is approaching the $12bn mark once again. This is partially thanks to the Litecoin price pushing to $215 again after a very steep dip a few days ago.
To put this into perspective, we have seen an interesting Litecoin price rollercoaster ride this week. With the Litecoin price going from $215 to $245 and then crashing to $183, it is evident market volatility is not hard to come by as of right now. Even so, there is still a lot of momentum in the market, as we see another push for LTC to reach $215 later today. Whether or not this venture will be successful, is a different matter altogether.
This current uptrend is the direct result of a 6.13% gain in USD value. While some people may think this is due to the Bitcoin value going up, it is in fact the exact opposite. Litecoin is surging in BTC value as of rigid now to maintain its value and ensure there are future gains on the horizon. For the time being, it remains unclear how far the Litecoin price can go before another retrace will materialize on the charts.
Thanks to $821.385m worth of trading volume in 24 hours, things are looking pretty good for Litecoin as of right now. Although this volume could be a bit higher moving forward, it has become evident the overall cryptocurrency trading volume will remain rather low for quite some time to come. Over the past 24 hours, we have seen just over $15.3bn worth of overall trading volume, which is anything but impressive at this time.
The way things look right now, OKEx will continue to dominate the Litecoin trading landscape. Their USDT and BTC trading markets both generate over $136m in 24-hour volume as of right now, which is well ahead of GDAX in this regard. Bitfinex and Binance complete the top five, which makes for a rather interesting list. We see two fiat currency pairs and one USDT market in the Litecoin trading markets right now, which is pretty impressive.
For the time being, we will have to wait and see how things evolve in this regard. The Litecoin price momentum seems pretty solid as of right now, although nothing has been set in stone just yet. Volatility will continue to reign supreme in the world of cryptocurrency for quite some time to come. It is possible the Litecoin price may see some more upward momentum in the coming hours, but things can easily head in the other direction as well.