Litecoin is among one of the most popular and the oldest names in the world of cryptocurrencies. The currency has been around for a really long time and has been pitched as the digital silver equivalent to Bitcoin’s status of Digital Gold. Litecoin has stood the test of time over the years and has always been a part of the top 5 to top 10 cryptocurrencies.
The currency continues to move forward despite the various ups and downs it has faced over the past few months. The last 24 hours were a period of positive growth while the last week was somewhat stable for Litecoin. Let us take a closer look at the recent performance of Litecoin price and Litecoin market cap – as well as where the currency is heading next.
Litecoin’s price over the past 24 hours witnessed a 4% growth. This can’t be attributed to Litecoin alone as markets in general have been recovering over the day. Litecoin began the day at a price of $113.7 and peaked at $118.7. The currency ended the day at a price of $118.11. The Litecoin market cap at the beginning of the day was $6.3 Billion while it closed the day at $6.6 Billion.
Over the past week, Litecoin was relatively stable if you look at the opening and closing prices. The week began at $119 and closed at $118 – a loss of $1 over the week. Even in terms of market cap, the currency went from $6.69 to $6.61 Billion during the week. The highest point of the week came at $136 when the market cap was at $7.6 Billion.
The graph above shows that Litecoin is approaching a breakout point – and if the prices continue to move in a similar fashion, the currency would soon be able to find a new line of support and thus enter a growth rally. It is a good time to be investing in Litecoin – especially for those who want to enter the markets for the long run.
Over the past few months, Litecoin has been a very volatile name in the markets. The currency peaked late last year – and witnessed a surge in February of this year too, when the news of LitePay and Litecoin Cash broke out. However, Litecoin Cash was dead on arrival while LitePay wasn’t able to keep up with the pressure. After both these projects failed, Litecoin was back in a slump.
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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.