In the last 24 hours, LTC prices bounced up 5.85% against the U.S. dollar and 4.47% against Bitcoin. These numbers are based on the best information at the time of writing.
There was scant Litecoin news to buoy investor sentiment over the weekend, yet the beleaguered cryptocurrency managed to find its footing on Monday.
LTC to USD prices peaked as high as $66.84 during the bounce before resettling at around $64.78.
Trading volume was low, but not alarmingly so. Approximately $529.8 million worth of Litecoin changed hands on Sunday. Just to give you context, there was one day last week in which $1.02 billion worth of Litecoin were exchanged.
The two largest sources of trading volumes were OKCoin.cn and Huobi, both Chinese exchanges that deal in LTC to CNY transactions. Collectively, they accounted for roughly 42% of all trading activity.
This marks a significant break from the last week or so, during which Litecoin surged on trading from Korea-based exchanges. When LTC to KRW activity led the trading volume in excess of 30%, Litecoin prices almost always saw big increases.
Meanwhile, Bitcoin dominance is at 47.5%, below the crucial benchmark of 50%. And the total crypto market cap is significantly lower than last week at $144.6 billion.
The crypto market is a creature of volatility. While this makes it an exciting opportunity on the upswing, we need to understand that downswings are part and parcel of the game.
Crashes can happen often and blindingly fast, meaning that it would be foolish to try and outsmart the rest of the market. You simply have to be tougher than everyone else.
Grit your teeth and “be greedy when others are fearful.”
Anyone who bought Litecoin at each dip would be sitting on a pretty fortune right now, whereas the clever fellow that tried to average up might have lost half his portfolio.
In any case, we maintain our Litecoin price forecast of $200.00.