It looks as if Litecoin is making a lot of headway in China right now. The vast majority of trading volume is originating from Chinese exchanges. This is quite remarkable news for this popular cryptocurrency, considering how its value seemingly got “stuck” a few weeks ago. It is only a matter of time until something changes. Community members hope this momentum will result in a massive price increase.
China Remains Quite Bullish on Litecoin
It is good to see the Chinese exchanges generate a fair amount of trading volume again. Ever since the big three resumed cryptocurrency withdrawals, things have been picking up speed. To put this into perspective, Chinese traders are mainly interested in Litecoin, by the look of things. In fact, the LTC/CNY trading market is generating an increasing amount of volume, which is quite remarkable.
Both OKCoin and Huobi are clearly dominating the trading market right now. With US$87m and US$81m in 24-hour trading volume respectively, things are looking quite good for Litecoin. This momentum has not impacted the price yet, but that situation can change at any given moment. With this much momentum behind it, it is only a matter of time until something goes LTC’s way. A price increase would certainly be appreciated by the community right now.
With over half of Litecoin’s daily trading volume originating from China, people are speculating heavily. Most of Bitcoin’s trading volume used to originate from China as well. During that time, Bitcoin reached the US$1,000 mark on multiple occasions. There is no reason to believe Litecoin won’t see a price bump sooner or later as well. It is impossible to tell when this will happen and what price we will be talking about, though.
One cannot deny the LTC price has been suppressed for quite some time now. It is unclear who might be doing so, though. Litecoin currently has a market cap of US$1. 65bn, which is relatively small. Considering how it has SegWit activated and the Litening Network is under development, that price should be a lot higher than it is right now. A lot of community members hope for a price of US$100 per LTC, although that might be a bit unrealistic.
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