BTCC, one of the biggest cryptocurrency exchanges in China, stopped domestic trading on September 30. It should have been the biggest Litecoin news around affecting our Litecoin price prediction, but you wouldn’t have been able to tell by watching LTC prices.
Rather than falling apart like it did in previous weeks, the Litecoin to USD exchange rate increased 0.74% on Sunday. It is currently sitting at around $54.63.
At the same time, Litecoin fell 2.49% against Bitcoin.
However, you shouldn’t fall into the trap of thinking that this was a specific LTC/BTC rotation. It wasn’t. BTC dominance rose nearly approximately 80 basis points, from roughly 48.5% to 49.3%. It shows that Bitcoin’s market share grew bigger.
Trading volumes were meek, which is theoretically in line with the fallout from China’s cryptocurrency trading ban. But it’s also clear that active traders were bullish on Litecoin (on balance) because Litecoin prices rose on the reduced volume.
Bithumb, a Korean exchange, led the way with 18.27% of all trading activity. It was followed by two American exchanges, Bitfinex and GDAX, which accounted for 11.74% and 11.64%, respectively.
While the resilience against BTCC’s closure was extraordinary, investors should understand that bigger obstacles are on the horizon. Litecoin’s two most important exchanges, OKCoin and Huobi, are scheduled go offline at the end of October.
To be sure, both will likely continue with crypto-to-crypto trading. However, Chinese citizens will not be able to convert their yuan into cryptocurrency.
Despite these headwinds, the LTC price is up 10.51% in the last seven days.
Late on Sunday, the overall market cap of cryptocurrencies crossed $150.0-billion for the first time in weeks. LTC prices didn’t exactly lead the rally, but our Litecoin price forecast suggests it may be buoyed by a delayed surge later today.
Over the medium term, we expect that surge to see-saw its way up to $200.00.