Today has proven to be a very different day for trading cryptocurrencies. Yesterday seemed to be very bullish, whereas today is a lot more bearish for the majority of the top markets. The Litecoin price is still going quite strong, especially because it has finally surpassed the $50 barrier without too many problems.
Can the Litecoin Price Keep Going?
The year 2019 has offered something very different for most cryptocurrencies, tokens, and digital assets. A bit of an extensive bull run has shaped up in recent weeks, even though most markets currently show a bearish trend. Litecoin is one notable exception in this regard, as it simply continues to do its own thing without too many problems. A remarkable trend for a currency a lot of people gave up on a while ago.
Over the past 24 hours, the Litecoin price has shown another bullish trend which results in a 5% gain. Because of this strong showing, one LTC is now priced at $50.89, which may be the top for a little while. The LTC/BTC ratio also remains bullish following another 5.2% increase. With a value of 0.0127BTC per Litecoin, everything is looking quite good.
Similar to most other markets, Litecoin enjoys a hefty increase in overall trading volume. With $1.544bn worth of LTC changing hands, the demand for this altcoin appears to be genuine at this time. Most of the volume comes from OKEx and DigiFinex, two exchanges which mainly see traction in LTC/BTC and LTC/USDT pairs. The involvement of that stablecoin can be considered to be a sign of potential future growth.
When it comes to holding and exchanging cryptocurrencies, different traders will deploy their own strategies. While some people exchange LTC to buy ERC20 tokens, DigiHODL prefers to hold on to LTC regardless of how green the grass may look elsewhere. So far, that strategy seems to be paying off quite well.
— DigiHODL (@DigiHodl) February 20, 2019
For those who are looking at the actual price chart, it quickly becomes apparent there will be a very rough road ahead for Litecoin and Bitcoin alike. Although placing a short at 0.0129 BTC may have been a smart decision, the actual “drop” is not as significant as some traders would have expected. As such, it may turn out to be a premature course of action.
Out of all my longs from that 4H bullish trigger last night. Closed #LTC @ 1289 and entered a short @ 1290 #Bitmex . Watching the LTF #BTC for an early exit signal. No other orders opened until confirmation pic.twitter.com/O90kCMGkEN
— Gold & Crypto (@Gold_and_Crypto) February 20, 2019
All things considered, Litecoin is one of the few remaining bullish top markets right now. That in itself tells quite an interesting story. The bearish pressure affecting Bitcoin is not making much of an impact on Litecoin or EOS right now. For traders and speculators, this will create some unexpected excitement.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.
The post Litecoin Price Surpasses $50 as Bulls Pull the Strings appeared first on The Merkle Hash.
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