By Gaurav S. Iyer, IFC Published : September 1, 2017
In an extremely positive move, LTC prices continued to rise on Thursday, skyrocketing roughly 14.78% in the past 24 hours to around $76.85.
It is the first time that Litecoin made it over the $70.00 hump, making it one more piece of bullish Litecoin news.
In reaching these heights, LTC has validated our previous Litecoin price prediction. We noted that Litecoin was not experiencing the same bump in Korean trading that had sent Ripple, Bitcoin Cash, and Monero to new levels.
Due to several blockchain-friendly regulations on the horizon in Korea, exchanges like Bithumb have seen an explosion of trading activity. This increase in volume is directly responsible for some of the most dramatic gains in major cryptocurrencies.
Litecoin was, for some reason, an exception to this trend.
Yesterday, we suggested that Korean traders may rotate their funds into LTC at some point, which would provide a second wind for the currency. To be entirely honest, we did not expect this prediction to come true overnight.
But it did.
Over the last 24 hours, Bithumb (one of the largest Korean exchanges) accounted for roughly 23% of LTC trading activity, while the remaining 77% was split among China, the U.S., Europe, and Bitcoin.
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There was a strong push of momentum during the evening hours and another between 2:00 a.m. and 4:00 a.m. (UTC). Nearly $1.01 worth of Litecoin tokens changed hands overall.
Where does Litecoin go from here? It’s already up a staggering 1,634% from the start of the year, but we believe there is more room to the upside. Only one Korean exchange cracked the top 10 of Litecoin’s trading activity, suggesting to me that immediate gains are still in the cards.
Beyond the next day or two, however, a little volatility is bound to return. Litecoin prices might stumble on occasion in the months to come, but we maintain our LTC price forecast of $200.00 by the end of 2017.