Litecoin News Update
After weeks of distractions, cryptocurrencies finally had room to take flight. Investors patient enough to wait till the runway was cleared of obstacles (such as Bitcoin forks and Chinese trading bans) would have seen crypto prices shoot for the moon.
Ethereum is, for instance, soaring above $460.00 per ETH token. Considering that it was stuck at $300.00 not too long ago, the gains are extraordinary–unless you read Profit Confidential, that is.
We predicted that Ethereum would wind its way up to $400.00, after which it would explode. And that is exactly what happened.
It’s no wonder ETH prices are up 37% this week.
Litecoin is on a similar trajectory, but its pivotal moment will come at $90.00. This was Litecoin’s previous high; therefore, it remains an important threshold for the currency to cross. We expect this moment to arrive soon.
This is hardly breaking Litecoin news, but it bears repeating: LTC prices could jump past $100.00 if this important barrier is breached.
Where Are Litecoin Prices Now?
On Friday, the Litecoin-to-USD exchange rate moved slightly higher, from $75.87 to $76.05. This gain was minimal, but don’t let that fool you. Over the last seven days, Litecoin prices gained 12.23% against the U.S. dollar.
How Active Are Investors?
Trading volumes nearly doubled between November 22 and 23, from $157.89 million to $315.25 million. This was an explosive gain in activity, though it is not outside of Litecoin’s usual band of trading volumes.
Where is LTC Demand Coming From?
GDAX, an American exchange tied to Coinbase, was the most prominent venue for trading Litecoin on Friday. More than 14% of trades were processed on that exchange, which goes to show that U.S. investors are helping propel the currency’s rise.
Two more exchanges figured into double-digit market shares: Bitfinex and Bithumb. The two exchanges accounted for 11.68% and 11.45%, respectively.
There is a strong probability that Litecoin will make it to $90.00 before the end of the month, which in turn would precipitate an explosive rally. As such, we maintain our $200.00 Litecoin price forecast for 2018.