With the end of September in sight, the Litecoin to USD exchange rate is slowly gathering momentum. It is currently up roughly 1.28% in the last 24 hours, sitting pretty at around $53.67.
At the same time, LTC prices are down about 2.06% against Bitcoin.
This resurgence in Litecoin price prediction is not a standalone feature. It has long been hailed as “the silver to Bitcoin’s gold,” meaning that the two cryptocurrencies rise and fall in sync.
We have seen that description come to life in the last few weeks and play out with stunning accuracy.
It’s often the case that one currency will overshoot the other, then rebalance in the following trading session. At the moment, Bitcoin is slightly ahead, having advanced 2.83% against the U.S. dollar yesterday.
This would imply a small positive movement of LTC prices against BTC in the coming days.
Bitcoin’s acceleration was partly due to the fact it crossed $4,000 for the first time in several weeks. Litecoin has been much slower to recover, in part because it suffered an outsize impact from the Chinese ban on cryptocurrency exchanges.
With the fallout of the ban quickly evaporating, it could be that LTC will require no significant Litecoin news to skyrocket to $90.00. The simple matter of chasing Bitcoin’s recovery could do the trick.
Litecoin prices haven’t risen all that dramatically in the last week, but hold on to your hats, folks. There could be a wild rise on the horizon.
There has been a significant shift in Litecoin’s trading venue. While it used to be traded in predominantly Chinese exchanges, like Huobi and OKCoin, LTC is now bandied about in Korea and the U.S.
Bithumb was the largest trading center, accounting for 31.75% of all trading volume.
We believe this shift indicates a new chapter for LTC, and that our $200.00 Litecoin price forecast is very much alive. LTC could accelerate to that level on a slightly elongated timeline, to be sure, but it is no longer confined to the extreme tail end of possibilities.