Litecoin users will be more than happy with the way things are going. After a few weeks of accumulation, it seems the LTC price is ready for the next leg up. The first major threshold of US$50 has been surpassed yet again. Whether or not this momentum can be sustained, remains the bigger question. Things are looking good for Litecoin right now, but it may only be a temporary trend.
It is good to see Litecoin get some of the attention it deserves. The LTC value has been below US$50 for far too long. Over the past 24 hours, that situation finally came to change. One LTC is worth just over US$50 at the time of writing. Litecoin is also gaining on Bitcoin, with a 4.89% value increase over the past few hours. Most people acknowledge this trend was only a matter of time. The cryptocurrency has a lot of momentum working in its favor.
Litecoin Is Firing on all Cylinders Right now
One thing to take into account when a particular cryptocurrency rises in value is where the momentum comes from. Even though Litecoin has been on a run as of late in the technical department, it hasn’t translated into price increases. Instead, the value has been relatively stable around US$40 for quite some time. With over US$877,000 in 24-hour trading volume, it is evident something will happen sooner or later. It is unclear what will happen and when this will take place, though.
As is to be expected, the Korean and Chinese markets are driving LTC demand right now. Three exchanges in those regions combine for nearly US$430,000 in trading volume. OKCoin.cn is clearly dominating as we speak. Huobi and Bithumb are not that far behind either, though. This will be quite an interesting “race” to keep an eye on over the next few hours. China and Korea have always shown great demand for cryptocurrencies.
We also mentioned how xBTCe was making a lot of progress in volume recently. They are still in the top ten multiple times. The LTC/USD, LTC/RUB, and ETH/LTC pairs are all doing quite well. This also seems to indicate Ethereum users are slowly cashing out in favor of established cryptocurrencies. Last but not least, there appears to be only aUS$2 price difference between Asian and US exchanges. Arbitrage opportunities will be hard to come by, for the time being.
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