At this point, Katy Perry’s “Hot N Cold” is the theme song for Litecoin.
One day, investors are bullish on LTC, the next, they provoke a death spiral that knocks billions off the currency’s market cap. This happens again and again till our daily Litecoin news is more predictable than where the Sun rises and sets.
With this in mind, it should come as no surprise that cryptocurrency investors restored their bullishness on Wednesday.
LTC prices advanced 7.94% against fiat currency, bringing the Litecoin to USD exchange rate to $60.46. Meanwhile, the Litecoin to Bitcoin rate increased 0.22%.
The fact that Litecoin and Bitcoin are rising in tandem is refreshing. There was a divergence after China banned cryptocurrency trading, although it only lasted for a few weeks. Litecoin stalled as Bitcoin shot up to record highs.
But it seems that the two currencies are back in sync. Having them return to their “gold to silver” relationship might imply that the cryptocurrency market is returning to normal (such as it is).
Investors who read this website regularly would have seen the writing on the wall. After all, we predicted that LTC would rise in yesterday’s Litecoin price forecast. Here’s an excerpt:
“These kinds of widespread gains happen often and quickly in the crypto market. Barely a month can pass without investors getting cold feet. However, it’s important to remember that the overarching trend remains positive.”
It’s important to understand that cryptocurrencies are risk-capital investments. By that, I mean that this week’s volatility is normal—and it will happen again. But that being said, we maintain our $200.00 Litecoin price forecast for 2018. The upside potential remains strong.