Litecoin’s Price Tag Of $100 Seems To Be Just The Beginning

Litecoin’s Price Tag Of $100 Seems To Be Just The Beginning

The US dollar to Litecoin exchange rate lost some of its momenta on Tuesday but still continued trading at near record levels.

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The US dollar to Litecoin exchange rate lost some of its momenta on Tuesday but still continued trading at near record levels. At the current time, the price was down for about 1% where the Litecoin was trading at around $100.75. The overall market cap of the digital currency was at $5.5 billion. The trade volumes climbed to $338 in the past day, which is around 29,290 bitcoin. The same level is well below the turnover of almost $636 witnessed on December 2.

Nearly a fifth of the transactions on Tuesday took place on the GDAX platform, while OKEx exchange saw around 15% of the trade volume. Bithumb and Bitfinex, both huge players in the crypto market saw between 8% and 10% of the trade levels each. The entire cryptocurrency market added more than 7% of its value in the past five days in a strong bullish environment, according to RSI and MACD charts. One RSI report suggested that the buying rush might be overdone and ready for a smaller pullback. The prices reached their peak at $106 earlier in the week and became a new all-time high. Litecoin’s 52-week range is now between just over $3 and 106, a change of nearly 3,000%.
The next milestone for the network looks to be the $110 price range. Based on the previous actions, the same level looks to be a foregone conclusion being that the capital is pouring into the alternative coin market.

Bright Future ahead of Litecoin

LTC seems to be enjoying huge support from the entire cryptocurrency community. Parts of its rise have been attributed to the climb of the bitcoin price over the previous weeks. As a more affordable and readily available digital currency, many see Litecoin as being the silver to the gold that is bitcoin. This means that both of these usually trade in the same general direction in spite of huge price difference.
This makes sense, especially because Litecoin came about as a hard fork that was created in the original BTC blockchain. One of the LTC’s main advantages over bitcoin is its small transaction focus. This is why the platform targets businesses that need a large volume of otherwise small transactions that should be processed in a short time period. Litecoin does the same processes for only of a fraction of the 10-minute time period bitcoin takes.
Because of this, bitcoin’s ability to be used as a payment system has been questioned by many in the community. This is why the efforts of forking the cryptocurrency into scalable alternatives continue to persist over time. Litecoin has been considered as one of the most appealing altcoins, mainly because of its inclusion on the trading platform run by CoinBase. This allowed LTC to reach the exclusive rank held only by bitcoin and Ethereum. CoinBase represents the biggest cryptocurrency exchange based in the US with more users that the Charles Schwab brokerage firm. With more than 13.3 million users, CoinBase managed to add new 300,000 users in the final week of November alone. Charles Schwab, by comparison, in October had 10.6 million of active accounts.

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