With nearly all cryptocurrencies back in the green, it is only a matter of time until we see some major price movements. Right now, Litecoin is one of the altcoins showing the biggest gains over the past 24 hours. Thanks to its 12.87% increase in value, the Litecoin price is back at US$75 just as it was a few days ago. This is a positive development for long-term holders as well as the people who recently bought LTC during the dip.
LITECOIN PRICE REBOUNDS SHARPLY
A lot of Litecoin holders will be very pleased to see the Litecoin price rebounding to its previous values. Although the all-time high of Litecoin sits close to US$90, the price took a very sharp dip these past few days. More specifically, the Litecoin price dropped as low as US$60.8 thanks to China’s ICO announcement. All cryptocurrencies were affected by the sudden decision, though, and Litecoin was no exception in this regard whatsoever.
That is all a thing of the past right now, though, as the Litecoin price is slowly climbing back up. Although most people will be keeping close tabs on how the Bitcoin price evolves in the coming days, the Litecoin price is doing its bit as well. With a 12.87% price increase over the past 24 hours, it is evident that money is flowing back into the cryptocurrency world as we speak. That is a very positive development, all things considered. Things were looking a bit bleak just 48 hours ago.
Now that the Litecoin price is back at the US$75 level, the march toward a new all-time high can begin. Rest assured there will still be a lot of resistance across all markets over the next few days. After all, there is still a lot of uncertainty in the market right now, especially where alternative currencies and ICO tokens are concerned. That being said, now is a good time to diversify your portfolio and invest in cryptocurrencies which actually have current use cases rather than a future promise. Litecoin is certainly on that list for many traders.
As is usually the case, the Litecoin price rise was caused by Asian exchanges. For some reason, those platforms keep trading Litecoin first and foremost rather than Bitcoin. As a result, they have been driving up the price of Litecoin much more so than Bitcoin. In fact, Asia is the place to be in order to purchase cheaper Bitcoin right now, even though the Litecoin price is also a lot lower than what one would expect.
In fact, most Asian exchanges are putting the Litecoin price well below US$75 right now, whereas Western platforms trade at nearly $80. This discrepancy is pretty interesting considering it affects both LTC and BTC at the same time. However, no one can deny Bithumb, OKcoin, and Huobi generated around 65% of all Litecoin trading volume in the past 24 hours. That is still pretty significant, especially when considering no other exchange in the world comes even close to their trading volume right now. GDAX is the first non-Asian platform showing anywhere near that, with US$73 million in volume.
The overall trading volume for Litecoin has been hovering around US$925 million over the past 24 hours, which is pretty solid. Although there have been moments when the LTC volume surpassed $1 billion in the past, one has to keep in mind the markets are still reeling from the recent ICO decision in China. Many people wrongfully interpreted this message as the PBoC aiming to ban cryptocurrency as well, which is clearly not the case. Slowly but surely, people are realizing cryptocurrencies themselves are doing just fine right now without any additional repercussions for the likes of Bitcoin and Litecoin.