Litecoin News Update
On Monday, Litecoin prices extended their rally to 19% as more money flowed into the cryptocurrency market. Total investment in the sector rose above $239.0 billion, which is vastly higher than most analysts thought was possible at this point in the year.
This helped lift the Litecoin to USD exchange from $68.87 to $71.73 in the last 24 hours, an increase of 4.16%. At the same time, the Litecoin to Bitcoin rate grew 1.41%.
Part of the reason was that LTC trading volumes exploded from $174.06 million to $243.06 million. The surge in overnight trading activity came from both U.S. and Korean trading desks.
GDAX was the leading exchange, accounting for 16.09% of total trading activity. Right behind GDAX was Bithumb, a Korean exchange, at 15.69%.
But the main trend, the secular trend, is rising investment in the cryptocurrency space. It is leading the entire market to untold heights…
To put this in perspective, you don’t have to look that far back into market history.
You simply have to remember all the way back to…the end of August. At the time, we were predicting (in a guest post on CoinTelegraph) that the crypto market cap would top $200.0 billion before the year was out.
Some people thought we were crazy.
To be fair, our prediction fell short, but not in the way our skeptics imagined.
They had assumed that an excess of bullishness would prove our undoing, when in reality that was precisely what we lacked—we weren’t bullish enough.
Had we been a little more optimistic—and a little less conservative—I daresay we would have predicted the spontaneous rise in cryptocurrency investment.
However, we underestimated Wall Street interest in the sector, and hence we did not forecast the crypto market cap reaching $239.0 billion in the middle of November. But alas, we must live with that mistake.
Fool me once, though…
Daily Litecoin Chart
In light of these trends (which we believe are secular), we maintain our $200.00 Litecoin price forecast for 2018. Wall Street money is starting to flow into the market, and that means we will see ungodly sums of money consolidate around promising cryptos.