After so many days of trading in red, a little green light is just what the market needed to relieve tension. This past weekend wasn’t so bad as a minor bullish rally took the price of cryptocurrencies up once again. Altcoins were trading in green with Litecoin (LTC) gaining by double digits. Yesterday, Litecoin, an altcoin that has been falling dramatically against the USD was trading up by 18% as it took the lead in the price recovery that saw the total market capitalization of all cryptocurrencies go up to $132 from $114.
Cryptocurrency Price Analysis For The Week
Towards the end of last week, the entire cryptocurrency market was under pressure as Bitcoin dropped as low as $3,500 thanks to the bearish market. ETH was as low as $100. This is the lowest point it had gotten to in the last eighteen months. The recovery that took place this weekend was able to push ETH up to $120 while it took BTC to $4,100. Experts in the market believe that $3500 may have been the bottom for BTC. Day traders were able to gain from the volatility between Sunday morning when the price was $3500 and later in the day.
According to social media, however, the number of people who cashed out this past week is higher than any number within the same time frame that has been recorded in the history of cryptocurrencies. The only time this kind of cash out happened recently was at the beginning of the year when everyone was trying to cash out after cryptocurrencies hit their all time highs.
Litecoin (LTC) Takes The Lead
As the price of cryptocurrencies started to rise, Litecoin (LTC) had a rebound by 18%. The old Bitcoin fork moved from a low of $27.07 to a high of $31.94. Even if this level is still far from its all time high, it is still a relatively fair recovery when you consider everything that is happening in the market. Almost one third of the trading volume came from the LTC/USD pair. A third of the volume came from USDT trades. Yesterday, the daily trading volume of the entire market was on the rise. It cleared the $600 million mark.
The trade action of LTC is in line with the prediction Charlie Lee made earlier in December 2017. In his words:
“I don’t mean to spoil the party but I have to put a tag on the excitement. Litecoin (LTC) is a risky asset. If you ask me, we are going to have a multilayer bear market in which LTC will fall by up to 90%. It would be similar to when it fell from $49 – $4. So, if you can handle this kind of lose, go ahead and buy. If not, don’t buy.”
Litecoin (LTC) Price Today – LTC / USD
The prediction has proven accurate as LTC is currently over 91% lower than its all time high which it reached during the December/January rally. Even if Lee is the creator of LTC, he did not hold back from stating his honest opinion of what the future holds for LTC.
Litecoin (LTC) Price Now
At the time of writing, LTC was trading in green against the USD. Even if a minor price recovery has been attempted, it is still doing relatively well at $31.41. This shows that it is up by 9.77% against the USD and up by 3.97% against Bitcoin. The trading volume over a 24 hour period is $535,724,220 and the market capitalization is $1,863,055,746.