Litecoin News Update
In case you haven’t read today’s metaphoric morning paper of digital currencies, Litecoin is all over the front page. If you’re an investor in this cryptocurrency, then today’s Litecoin news update will certainly make your day.
Litecoin touched a new all-time high of $164.00 this weekend. With that, Litecoin is back up on the market cap leaderboard ahead of Dash. But that’s not the only reason that has us excited.
A tailwind is building up that’s beginning to accelerate Litecoin’s northward advance—that is, new buyers have entered the market. Don’t believe me? Compare the trade volumes in the past one week.
A sudden surge in daily trade volume has come to light, which helps explain the propulsive strength in the Litecoin price. LTC just witnessed a never-seen-before trade volume of over $3.0 billion over the weekend.
Litecoin’s daily trading volume, which had averaged between $250,000 to $350,000 for months, jumped manifold in the past four days. The average for this weekend comes out to roughly $2.0 billion.
In our analyst lingo, we call such days “accumulation days.” That’s when investors begin hoarding a stock—buying outweighs selling and prices shoot up. High volumes are a proxy for high liquidity—something that investors and traders are attracted to alike.
We’re not surprised because we had seen this coming. The surge in demand was obviously going to follow after Litecoin founder Charlie Lee announced plans last week to raise mass awareness about the digital currency as a cheaper and faster alternative to Bitcoin.
The marketing drive is happening on all electronic media—television, radio, social media, and news web sites.
Lee is appearing on national television today—CNBC’s Squawk Box—where he’ll get an opportunity to further Litecoin as a better investment than Bitcoin. Let me remind you that the “digital silver” has already returned over 3,000% this year, nearly double of the “digital gold” (Bitcoin).
With a market cap in excess of $8.9 billion, Litecoin is now neck-and-neck in the race with Ripple. It is possible that Litecoin soon manages to dethrone the popular Ripple coin to take the fifth spot on the list of the most valuable cryptocurrencies in the world.
What’s Happening with Litecoin Prices Today?
Litecoin prices have popped more than 17% in the past 24 hours. The LTC to USD rate is floating around $164.71. The BTC to LTC rate, however, is down by about 1.1% since Bitcoin prices are likewise hitting record highs.
Daily Litecoin Price Chart
Chart courtesy of TradingView.com
The majority of the trades are flowing from within the U.S. where Coinbase’s sister exchange GDAX contributed to nearly a fifth of all worldwide trades. Taiwan’s Bitfinex and Korean OKEx respectively accounted for 11.85% and 10.14% of the LTC trading volume in the past 24 hours.
It seems like our Litecoin price target of $200.00 for 2018 may be reached way earlier than expected. While we hold on to it for now, we may shortly be reviewing it upwards.