Litecoin price weekly analysis: 65% price rise in a week

65% Price rise, merchant payments… Litecoin may not be on the moon but it seems on top of the world.

Key takeaways

  • Upcoming fork has spurred 65% Litecoin price rise
  • Coinbase announce payment option with Litecoin
  • Litecoin shows slide against bitcoin

A newly announced fork has seen a dramatic 65.17% increase in the Litecoin (LTC) price during midweek trading. The fork which LTC founder, Charlie Lee, describes as a scam has been noted via social media to have nothing to with LTC.

In addition to that, Coinbase has revealed plans for a payment function similar to Paypal that will make it easier for merchants to receive payments in cryptocurrencies.

LTC has shown this week its reputation as the silver to bitcoin’s gold is well intact. From the week’s early highs, LTC has lost 10.56% of its value against the original cryptocurrency. Considering the strength of LTC’s rise this week, that shows good confidence in both cryptocurrencies.

Price movements

LTC started the trading week at a not so exciting price of US$166.46 and showed signs of weakening, using market information from CoinMarketCap. Not long into the trading week and LTC had dropped to US$142.75. This non-starter lasted only shortly.

By Thursday afternoon, LTC had piled on nearly US$100 to show a robust price of US$235.79. What is remarkable about these price gains is that the market sentiment does not seem to be losing confidence. As the week came to close LTC was traded only marginally short of the highs witnessed during the midweek surge.

LTC closed out the week to be priced at US$233.11.

Market capitalisation

LTC market cap showed some weakness in the initial stages of the week, slouching from US$9.18 billion to US$7.87 billion.

LTC market cap rose in line with the wild price surge on the back of positive market news. US$12.98 billion was the week’s high in terms of LTC market capitalisation.

Those gains were largely held on to as LTC market cap remained stubbornly at those levels, shedding only US$1 billion. LTC market cap has closed the week very close to its week-high showing US$12.87 billion

Trading volume

It has been a unique week for LTC in terms of 24-hour trading volume. After beginning the week in the US$750 million band, trading volumes tapered off in an orderly fashion as the week set in.

By Wednesday morning LTC trading volume was hardly registering over US$500 million.

By Thursday afternoon LTC trading volume had multiplied five times. At that time, LTC 24-hour trading volume showed a substantial US$2.77 billion.

This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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