By Gaurav S. Iyer, IFC Published : October 3, 2017
Bitcoin’s share of the overall cryptocurrency market rose again on Monday, getting ever closer to the dangerous halfway mark.
Since the rise of BTC dominance generally rises at Litecoin’s expense (LTC market share fell from about 2.02% to roughly 1.91%), no other Litecoin news was needed to push LTC price forecast lower.
At the time of writing, the Litecoin to USD exchange rate fell around 3.83% to land near $52.14. The Litecoin to Bitcoin exchange rate, however, only depreciated 1.14%.
Trading volumes fell across the past week, from $220.36-million to $95.47-million. A meager amount of LTC tokens changed hands on Monday, but at least the vast majority of them were traded outside of China.
Bithumb, a Korean exchange, was the leading hub for Litecoin trading. It accounted for 19.09% of all trading volume, while two American exchanges, GDAX and Bitfinex, accounted for 16.05% and 8.90%, respectively.
Meanwhile, the effect of China’s two largest exchanges is getting smaller and smaller. Huobi and OKCoin now account for just 5.79% and 4.30% of Litecoin’s trading activity these days, and as those numbers dwindle further, we could see fresh support for LTC.
It should also be noted that yesterday’s slump has no effect on the long-term Litecoin price forecast. This is simply how cryptocurrency prices advance—two steps forward, one step back.
For those who remain skeptical, try to remember that Litecoin prices were below $40.00 two weeks ago. They may have fallen four percent yesterday, but prices are still up 42% relative to their September lows.
With the cost of Bitcoin transactions reaching absurd heights, we continue to believe that there is space for Litecoin to carve out a niche in the crypto landscape. It requires further adoption by regular consumers, to be sure, but we maintain our Litecoin price prediction of $200.00. That is certainly not affected by one day’s price movement.