There isn’t much Litecoin news to report this morning, so we thought it might be good to put recent cryptocurrency developments in context.
Consider these numbers, for example:
- BTC one-week growth: 23.87%
- BCH one-week growth: 34.03%
- BTG one-week growth: 27.32%
- LTC one-week growth: 31.38%
Doesn’t this seem a little strange?
Litecoin is in competition with Bitcoin, Bitcoin Cash, and Bitcoin Gold. Shouldn’t its rise damage the expected future value of Bitcoin Cash? Or vice versa?
Also, BCH and BTG reflect different roadmaps than Bitcoin. How can investors be bullish on all three? They can’t simply ignore the differences between each currency. It doesn’t make sense.
The only answer is that investors are hedging their bets.
Faced with uncertainty as to which Bitcoin is best and whether Litecoin can topple Bitcoin, investors are simply spreading their funds among the options.
The Takeaway: Spreading your bets only works for so long. At a certain point, investors will rotate their funds into whichever currency appears to be winning.
My guess is that Bitcoin Gold will be the first to fall. Not only was it mined in secret—a fairly suspect thing to do—but its ideological moorings are shakier than those propping up Bitcoin Cash.
We could see a lot of that money flow to Bitcoin, but some of it could find safe harbor in LTC.
Where Are Litecoin Prices Now?
On Tuesday, Litecoin prices continued their bullish streak by adding another 3.52% against the U.S. dollar. This brought the Litecoin to USD exchange rate to $93.30. The Litecoin to Bitcoin rate stayed level at 0.00939563 BTC.
These prices reflect all-time highs for Litecoin. If investors continue to bid up LTC over the next week, a minor retracement could follow. However, Litecoin is likely to end the year above $100.00.
Daily Litecoin Chart
How Bullish Are Investors on LTC?
Obviously, this shows up most clearly in the direction of Litecoin’s price, but there is another gauge for investor sentiment: trading volumes. How much Litecoin are investors trading?
At the moment, the 24-hour volume meter shows that $352.9 million of LTC was exchanged.
Where Are Investors Buying LTC?
Usually, Bithumb and GDAX are the top two exchanges for trading Litecoin. However, there was a dramatic reordering at the top of the list yesterday. Although GDAX held on to its top spot—accounting for 15.57% of total volume—Bithumb fell to third position.
Second on the list was OKEx, which accounted for 15.37%.
We maintain our $200.00 Litecoin price forecast for 2018.