Litecoin has long been considered one of the most stable and credible cryptocurrencies in the markets. Often called the ‘digital silver’, Litecoin’s popularity peaked during the last quarter of 2017. The currency has been through many ups and downs since – and all eyes are on Litecoin price performance, as the currency surges back to life, breaking through a major downtrend.
Litecoin peaked in late-2017, and has since tried to rebound a number of times, most notable of which being in February 2018. Litecoin, which was riding a wave of momentum over the LitePay launch and the upcoming Litecoin Cash fork, suddenly crashed face-first into a wall as the price of the currency fell steeply. LitePay was dead on arrival and failed to impress the markets and the Litecoin Cash fork never really took off in the manner some people had expected it to.
This led to many market experts believing that Litecoin prices are heading for a deep, deep fall, estimated to hit $90 over the week. However, now that the cryptocurrency markets are on a rise – it appears that the general surge in the prices of cryptocurrencies has saved Litecoin’s inevitable collapse. Let us take a closer look at the price performance of the currency over the past 24 hours, the past week – as well as where it is likely heading.
Litecoin price started trading at a price of $114 and closed the day at $129. The currency grew by $15 over the day – a growth of 13.65%. Litecoin’s market cap too, benefited from this as the market cap went from $6.4 Billion to $7.2 Billion over the 24 hour period. When you take a look at Litecoin price over the week, it was more or less a similar performance as the week started at $113 and closed at $129.
For now, Litecoin prices are safe. They are no longer going to fall down to the abysmal levels which were once predicted – but once the currency hits a line of resistance, expected at around $138, Litecoin’s price may fall a little again. It is a very unstable investment opportunity when compared to other top names such as Ethereum, Bitcoin and Ripple. Investors are advised to set up a proper stop-loss system.
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Disclaimer: Neither the management nor the authors at CryptoCrimson are responsible for any losses, financial or otherwise, which may occur due to investing based on our articles. These are market predictions – which are not set in stone. The information provided is only for educational purposes and cannot be considered a financial advice.