Things are slowly looking up for all cryptocurrency markets as of right now. Although this is only seemingly a small improvement as of right now, it remains to be seen if this positive trend can remain in place for some time to come. The Litecoin price is finally above $120 again after a bit of a rough day, but it remains to be seen what the coming hours and days will offer in this regard.
Litecoin Price Sees Some Positive Momentum
After a very rough week for all cryptocurrencies, it remains to be seen what the future holds for all currencies. With the Litecoin price dipping from nearly $140 to almost $117, there was a genuine concern over what would come next. Thankfully, it seems there will be some improvements for the time being, as the Litecoin price has increased to just over $121 once again.
To most people, a 1.63% increase in Litecoin price will not appear to be all that amazing. Given the volatile history of cryptocurrencies, there have been a lot more interesting trends to keep an eye on. Given the current momentum in the market, however, any small gain can be considered to be a major victory. That doesn’t mean the Litecoin price is out of the woods yet, as its value may drop below $120 again fairly soon.
Additionally, there is a 0.2% increase in the LTC/BTC ratio to take note of. This further confirms all altcoins need positive Bitcoin price momentum prior to rising in value themselves. This has been an ongoing problem for quite some time now, and it seems highly unlikely things will improve in the years to come. For the Litecoin price, a solid Bitcoin value gain will do wonders. For now, keeping the value at or above $120 will be the main objective.
With its $289m in 24-hour trading volume, the overall interest in Litecoin isn’t necessarily there. Considering how all other cryptocurrencies are suffering from a decline in trading volume as well, this current volume doesn’t seem to hurt the Litecoin price in any way. However, until things pick up, there will be plenty of Litecoin price volatility to contend with.
Looking over the markets ranked by LTC trading volume, OKEx is definitely the place to go right now. Its USDT and BTC trading pairs generate most of the volume, followed by RightBTC’s Bitcoin market. Binance’s USDT market and GDAX’s USD pair complete the top five. With just one fiat currency pair in the top five, the current trend doesn’t look all that impressive, but the same can be said for other cryptocurrencies right now.
For the time being, the community has to wait and see how the Litecoin price evolves in the hours and days to come. So far, things do not look all that impressive, but the weekend is usually an odd time for cryptocurrency trading in general. Whether or not the Litecoin price will still be near or above the $120 mark come Monday, is a different matter altogether.