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LTC Breaks $160, One Metric is Pushing Prices Up

LTC Breaks $160, One Metric is Pushing Prices Up

Credit: iStock.com/TimArbaev

In case you haven’t be taught within the current day’s metaphoric morning paper of digital currencies, Litecoin is throughout the doorway internet web page. If you’re an investor on this cryptocurrency, then within the current day’s Litecoin data exchange will certainly make your day.

Litecoin touched a model new all-time extreme of $164.00 this weekend. With that, Litecoin is once more up within the market cap leaderboard ahead of Dash. But that’s not the one motive that has us excited.

A tailwind is increase that’s beginning to velocity up Litecoin’s northward advance—that is, new shoppers have entered the market. Don’t think about me? Compare the commerce volumes before now one week.

A sudden surge in daily commerce amount has come to gentle, which helps make clear the propulsive power throughout the Litecoin worth. LTC merely witnessed a never-seen-before commerce amount of over $3.zero billion over the weekend.

Litecoin’s daily shopping for and promoting amount, which had averaged between $250,000 to $350,000 for months, jumped manifold before now four days. The widespread for this weekend comes out to roughly $2.zero billion.

In our analyst lingo, we title such days “accumulation days.” That’s when patrons begin hoarding a stock—looking for outweighs selling and prices shoot up. High volumes are a proxy for high liquidity—one factor that patrons and retailers are drawn to alike. 

We’re not surprised because of we had seen this coming. The surge in demand was clearly going to watch after Litecoin founder Charlie Lee announced plans closing week to elevate mass consciousness in regards to the digital overseas cash as a cheaper and sooner varied to Bitcoin

The promoting drive is happening on all digital media—television, radio, social media, and knowledge internet pages.

Lee is displaying on nationwide television within the current day—CNBC’s Squawk Box—the place he’ll get a risk to extra Litecoin as a higher funding than Bitcoin. Let me remind you that the “digital silver” has already returned over 3,000% this 12 months, virtually double of the “digital gold” (Bitcoin).

With a market cap in additional of $8.9 billion, Litecoin is now neck-and-neck throughout the race with Ripple. It is doable that Litecoin rapidly manages to dethrone the favored Ripple coin to take the fifth spot throughout the guidelines of basically essentially the most worthwhile cryptocurrency on the planet.

What’s Happening with Litecoin Prices Today?

Litecoin prices have popped higher than 17% before now 24 hours. The LTC to USD price is floating spherical $164.71. The BTC to LTC price, nonetheless, is down by about 1.1% since Bitcoin prices are likewise hitting report highs.

Daily Litecoin Price Chart

litecoin price forecast for 11 dec

Chart courtesy of TradingView.com

The majority of the trades are flowing from all through the U.S. the place Coinbase’s sister change GDAX contributed to only a few fifth of all worldwide trades. Taiwan’s Bitfinex and Korean OKEx respectively accounted for 11.85% and 10.14% of the LTC shopping for and promoting amount before now 24 hours.

Analyst Take:

It appears like our Litecoin worth purpose of $200.00 for 2018 may be reached methodology earlier than anticipated. While we keep on to it for now, we’d shortly be reviewing it upwards.

Also ReadLitecoin Price Prediction 2018: Is Litecoin Potential Higher Than Current Counterparts?

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