Litecoin News Update
Litecoin is trading at all-time highs this Monday. And here’s the twist: Bitcoin and Ethereum are, too. What in the name of Satoshi Nakamoto is going on?
Usually, money rotates between Bitcoin and altcoins (like Ethereum and Litecoin). This makes it hard for all three to skyrocket at the same time. But that’s what we have right now.
Here’s what’s happening…
A tremendous amount of money is flowing into cryptocurrencies.
Total market cap reached $303.0 billion when this article went to press. That’s more than 200% higher than in mid-September. We know why this happened.
It was inspired by the addition of Bitcoin futures into the CME derivatives market. Investors propelled BTC prices past $7,000, $8,000, and now even $9,000 in reaction to the news.
Now they are spreading the bullishness to altcoins…
It must be obvious to them—as it is to me—that Wall Street will eventually turn its attention to Bitcoin alternatives. Once this happens, the total market cap could accelerate towards $1.0 trillion.
Litecoin Prices Are at Record Levels
On Monday morning, Litecoin prices advanced 4.06% against the U.S. dollar, bringing the Litecoin to USD exchange rate to $90.44. This sharp jump followed days and days of gains that left LTC prices at a record high.
Daily Litecoin Chart
How Active Are Investors?
I often say that cryptocurrencies “take two steps forward, one step back.” This means that LTC’s overall momentum is to the upside, but there are frequent downswings.
You can see this pattern in Litecoin’s trading volume.
Between November 22 and 23, demand surged to $315.25 million. The next day, it plummeted to $287.39 million. But then, it surged again to $487.90 million.
Two steps forward, one step back.
Yesterday was no different. Trading volumes fell 26.7% on Sunday, but then recovered 19.5% overnight. Unsurprisingly, this surge accompanied a rise in Litecoin prices.
U.S. & South Korea Are Driving LTC Demand
The top exchanges for trading Litecoin were in the United States and South Korea. GDAX took the No. 1 spot by accounting for 19.46% of total transaction volume. South Korea’s Bithumb came in second at 15.15%, though it had a higher average price of $93.04.
Our Litecoin price forecast for 2017 was $90.00, so this year is already a success. However, we now predict that LTC prices will accelerate to $200.00 in 2018, driven by the influx of capital in cryptocurrencies.