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It is to be expected a lot of cryptocurrencies will start to struggle with their upward momentum for now. Once Bitcoin broke the $9,000 level, the altcoins went into the red almost immediately. For now, things are not looking dramatically bad whatsoever. The big question is whether or not the Litecoin price can continue to buck this trend. It is the only top altcoin still in the green as of right now.
LITECOIN PRICE KEEPS MOVING UP
It has been a wild ride for the Litecoin price over the past few days.After reaching a new all-time high of $84 just yesterday, the party kept on going for a while after that. At its peak, the Litecoin price successfully surpassed $89, although that momentum didn’t last all that long. More specifically, there was an initial dump to bring the price down, but there was plenty of resistance from LTC buyers as well. At its lowest point, the Litecoin price dropped back to $84, which is still more than acceptable.
Over the past few hours, things have started to head in the right direction again for the Litecoin price. More specifically, we see an uptrend toward $87 again, although things are slowly slipping again. Some negative market pressure is only to be expected when it comes to trading cryptocurrencies over the weekend. All cryptocurrencies are suffering a bit with the exception of Bitcoin itself. Right now, the Litecoin price is still close to $86, and future growth is not out of the question.
It will be interesting to see how the Litecoin price will evolve in the coming days. For now, there is still enough positive momentum in place to keep the truck rolling for a few more days. At the same time, people are slowly looking to cash out some profits and use the money for Christmas gifts and such. It is highly likely this momentum will affect altcoins a lot more than it will harm the Bitcoin price in the coming weeks. Then again, cryptocurrency markets remain highly unpredictable, and things are always subject to change.
Thanks to over $431m worth of 24-hour trading volume, Litecoin is still going strong as we speak. With enough buy support, it is highly doubtful the Litecoin price will go down much further. At the same time, all markets are still pretty volatile right now, as a lot of altcoins struggle to generate any meaningful trading volume. Whether or not Litecoin will fall into the same boat over the next few days, remains to be determined.
GDAX continues to dominate the list of exchanges ranked by trading volume. Their lead over Bithumb is just $9.6 million, though, which can easily swing the other way with a bit of action on the South Korean side. Bitfinex suddenly snuck in the top three based on Litecoin trading volume again, and they are well ahead of both Poloniex and OKEx in this regard. For the time being, we see three different fiat currency trading pairs generate most of the LTC volume, which can only be considered to be a good thing.
There are a lot of interesting things going on in the world of cryptocurrency right now. Altcoins are taking a beating all across the line, with Litecoin being the only exception. It may only be a matter of time until this situation changes, though, but only time will tell how this situation will evolve in the coming hours and days. For now, the Litecoin price is still holding its own around $86, which is well worth taking note of. A solid run for one of the most popular alternative cryptocurrencies in existence, that much is certain.