Cryptocurrency market momentum tends to come from unexpected angles at times. As of right now, the Litecoin price is surging heavily because of gains in both USD and BTC departments. If this trend keeps up for a while, things will undoubtedly get very interesting. It seems increased institutional exposure is doing wonders for LTC at this stage.
Litecoin Price is on the Rise
When people discuss the value of cryptocurrencies, Litecoin is not necessarily a currency most people tend to pay attention to. That is a bit strange, especially because the Litecoin market tends to note some solid momentum every now and then. Today is no different in this regard, primarily because of its solid uptrend over the past few hours.
To put this in perspective, Litecoin is up by 7% in USD value and 7.5% in BTC value. It appears to be a matter of time until Litecoin surpasses the 0.01 BTC mark once again. It would certainly send a signal to the rest of the cryptocurrency industry. For now, however, maintaining the current Litecoin price level will be a big enough challenge, as a lot of traders will take profits sooner or later.
The main reason why the Litecoin price is rising as of right now is because of the news pertaining to SFOX. Their goal is to bring Litecoin to institutional investors, which shows they are looking well beyond Bitcoin and Ethereum in the cryptocurrency world. Adding LTC trading to this platform is a very interesting decision. The currency will complement Bitcoin, Bitcoin Cash, and Ethereum offerings. Traders can trade LTC against both Bitcoin and the US Dollar.
We announced during the Litecoin Summit that we would be launching LTC support on October 13th. We’ve already received regulatory approval to list BCH but haven’t announced a launch date as of yet. We will be sure to let everyone know when BCH is available for trading!
— Gemini (@GeminiTrust) September 26, 2018
There is also the Gemini announcement regarding Litecoin and Bitcoin Cash. Gemini will be launching Litecoin support on October 13th and has also received regulatory approval to list Bitcoin Cash.
On the technical analysis side of things, there are high expectations where Litecoin is concerned. It appears the popular altcoin has reached a double bottom on the daily chart, which could elevate its value to very high levels in the coming days. Although reaching anything near or above $150 seems well impossible, the cryptocurrency world has seen stranger things happen.
— Emanuele Zeta (@emanuele_zeta) September 27, 2018
Polish cryptocurrency trader CryptomarketFlow is quite bullish on the Litecoin price as of right now. In his opinion, surpassing 0.01 BTC will happen pretty soon. More importantly, there is a chance Litecoin will continue its push to 0.014 BTC or even slightly higher. That would certainly be quite interesting to see, although it remains to be seen if such a change is even remotely feasible.
For the time being, it appears the Litecoin trading volume is holding its own with relative ease. This should be sufficient to push the LTC market cap above $4bn again in the near future.
Disclaimer: The above is for entertainment and education purposes only. This is not trading or investment advice. Please do your own research before purchasing any cryptocurrency.