With nearly all cryptocurrencies going in the green alga, it is only a matter of time until we see some major price movements. Right now, Litecoin is one of the altcoins which show the biggest gains over the past 24 hours. Thanks to its 12.87% increase in the value, the Litecoin price is back at $75 just like it was a few days ago. This is a positive development for long-term holders as well as the people who recently bought LTC during the dip.
Litecoin Price Rebounds Sharply
A lot of Litecoin holders will be well pleased to see the Litecoin price bound back to its previous values. Although the all-time high of Litecoin sits close to $90, the price took a very sharp dip these past few days. More specifically, the Litecoin price dropped as low as $60.8 thanks to China’s ICO decision. All cryptocurrencies were affected by this sudden decision, though, and Litecoin was no exception in this regard whatsoever.
That is all a thing of the past right now, though, as the Litecoin price is slowly climbing back up. Although most people will keep close tabs on how the Bitcoin price evolves in the coming days, the Litecoin price is doing its bit as well. With a 12.87% increase over the past 24 hours, it is evident money is flowing back into the cryptocurrency world as we speak. That is a very positive development, all things considered. Things were looking a bit bleak just 48 hours ago, though.
Now that the Litecoin price is back at the $75 level, the march toward a new all-time high can begin. Rest assured there will still be a lot of resistance across all markets for the next few days. After all, there is still a lot of uncertainty in the market right now, especially where alternative currencies and ICO tokens are concerned. That being said, now is a good time to diversify your portfolio and invest in cryptocurrencies which effectively have current use cases rather than a future promise. Litecoin is certainly on that list for many users.
As is usually the case, the Litecoin price rise is caused by Asian exchanges. For some reason, those platforms keep trading Litecoin first and foremost rather than Bitcoin. More specifically, they will cause a Litecoin price increase much sooner compared to driving up the Bitcoin price these days. In fact, Asia is the place to be to purchase cheaper Bitcoin right now, even though their Litecoin price is also a lot lower compared to what one would expect.
In fact, most Asian exchanges are putting the Litecoin price well below $75 right now, whereas Western platforms trade at nearly $80. This discrepancy is pretty interesting considering it affects both LTC and BTC at the same time. However, no one can deny Bithumb, OKcoin, and Huobi generated around 65% of all Litecoin trading volume in the past 24 hours. That is still pretty significant, especially when considering no other exchange in the world comes even close to their trading volume right now. GDAX is the first non-Asian platform with $73m in volume.
The overall trading volume for Litecoin hovers around $925m in the past 24 hours, which is pretty solid. Although there have been moments when the LTC volume surpassed #1bn in the past, one has to keep in mind the markets are still reeling from the ICO decision in China. Many people wrongfully interpreted this message as the PBoC aiming to ban cryptocurrency as well, which is clearly not the case. Slowly but surely, there are those who realize cryptocurrencies themselves are just fine right now without any additional repercussions for the likes of Bitcoin and Litecoin.