Unlike some of the other cryptocurrencies, Litecoin’s rally is not tied to geography.
Its trading volume is spread across the globe, with some of it coming from China, Korea, and the U.S. Some of it also came from existing Bitcoin investors.
The broad-based rally in Litecoin news helped boost the cryptocurrency roughly 5.52% to around $65.60.
However, Litecoin lacks the concentrated volume that revived Ripple prices in the past few weeks. For those who may not be familiar with what happened, a spontaneous surge in Korean trading (more than 72% of Ripple’s overall trading) led to a massive rally.
The same thing has happened to Bitcoin, Bitcoin Cash, and Monero.
A sudden spike in trading volume injected their prices with adrenaline, sending them on a roller coaster ride to all-time highs. That has not happened with LTC…yet.
Although Litecoin is already trading at record-breaking highs, it is not a cult favorite like Monero, an institutional partner like Ripple, or a high-profile classic like Bitcoin. What happens if it becomes any one of these things?
No one can say for sure, but it’s likely going to force us to re-evaluate our LTC price forecast to factor in this new potential. After all, our estimates show Litecoin prices reaching $200.00 for a single coin before the end of 2017.
Litecoin has outperformed virtually any investment class you can imagine, yet the currency still appears to be trading at a discount. Its potential is unfulfilled.
As such, we maintain our bullish Litecoin price forecast with an eye on possible changes in its trading volume. If there is a significant influx of money from Korea or any other trading hub, it might be time to load up on LTC coins.