A lot of interesting things tend to happen in the cryptocurrency world when people least expect it. As Bitcoin shows some minor bullish signs again, nearly all top market shave turned green. For Litecoin price watchers, the past few hours have proven to be rather interesting as well. Solid gains across the board brought the value back up to $32.09, which seems to act as the new support level.
Litecoin Price Creeps up Again
Although there hasn’t been too much Litecoin action throughout the first month of 2019, the silver to Bitcoin’s gold remains within the market cap top 7. Although its total cap has shifted below $2bn again, it seems to be a matter of time until that level can be reclaimed successfully. The current gains during the early hours of January 31st indicate there is some genuinely bullish momentum building. Most of this stems forth from Bitcoin rising in value again, though.
Over the past 24 hours, there has been a 3% increase in Litecoin’s value. In LTC/BTC terms, there is also a 2% shift in favor of the altcoin. Both trends come at the most opportune time for this particular currency. After facing some steep setbacks in the first three weeks of the new year, it now seems the Litecoin price will try to cling to the $32 level as support. Reaching 0.01 BTC again will pose a completely different challenge, though.
The recent Litecoin price action also sparks some interesting debates on social media. Litecoin certainly lacks real innovation to speak of, even though it successfully implemented SegWit and the Lightning Network in recent years. Overall, the development seems to lean toward the “inactive” side of the spectrum, which is often a point of critique where Litecoin is concerned.
this defense of inactive development on #Litecoin $LTC makes some valid points regarding commits. but it has the lamest excuse when it comes to its lack of innovation. it’s really hard to innovate if there’s no clear mission & vision. see: https://t.co/3ow5wJxbt3 pic.twitter.com/dWEoGjlNYz
— ~C4Chaos (@c4chaos) January 31, 2019
At the same time, there are those who sing the praises of Litecoin in terms of how it is evolving behind the scenes. It would appear there is a rumor regarding how LTC will implement Confidential Transactions in the near future. A privacy-oriented aspect in Litecoin is something most people wouldn’t necessarily expect anytime soon, yet it can be quite a valuable addition to this popular altcoin as well.
It’s pretty special that once again #LTC is leading the charge to empower people to take back their freedom and liberties #Litecoin pioneering the implementation of #CT (Confidential Transactions) 1 more step to creating a better world for all . #BTC #LTC> Power back the People https://t.co/v2b8H91EAZ
— TheNvsibleHand[FOREVER ➞₿🔑] (@TheNvsibleHand) January 31, 2019
Wolf makes a pretty interesting comment regarding the value of LTC at this time. Even though there is no real shilling going on to speak of – nor any real pump efforts – the altcoin seems to break the resistance level in an almost casual manner. That in itself is pretty interesting to keep an eye on, although one has to wait and see if this uptrend can be sustained for more than a few hours on end. The jury is still out on this one.
$LTC – No one’s really shilling $LTC, but it’s just casually breaking resistances, while it trecks sideways. Soon enough, it won’t have any more downtrends and will be sitting on supports for a confirmed rally upwards.#WolfPack #Litecoin #Cryptocurrency #Daytrading $Crypto pic.twitter.com/HBaQwpPzwf
— Wolf (@ImNotTheWolf) January 31, 2019
Although there appears to be sufficient Litecoin trading volume to keep this party going, all it takes is one bearish Bitcoin candle. It is uncanny how many markets rely on Bitcoin’s price momentum right now. What will come next for Litecoin, remains to be determined, as there is a good chance things will turn around at any given moment. No major dips seem to be in order, although that doesn’t mean the price will remain in the green.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.