Price gains and stable trading: Litecoin could be in it for the long haul.
- Litecoin rises 4.2% week-on-week
- Litecoin shows some elements of stability
- Trading volume stable across the week
Litecoin’s (LTC) price seems to be leaving some of the volatility of previous weeks and months behind. Although some in the market had hoped for higher returns, a 4.2% increase goes some way to proving that LTC is still competitive as a form of currency.
Stable pricing for LTC is essential on its road towards being a workable form of money. For this reason the stable trading range between US$160 and US$170 will provide much needed calm to anotherwise choppy market.
One of the major catalysts for the resurgence in LTC’s stability is its trading volume. Graphs indicate that regardless of the time LTC is being traded consistently. On a global basis this is an encouraging signal. This could give the market the impression that LTC is generating some level of worldwide use.
Beginning the week at US$154.10 LTC immediately found the trading floor at US$152.58 only hours into the trading week, according to market information released by CoinMarketCap. With market confidence rising the price of LTC soon hit the week’s high at US$175.26.
In the final days of the trading week LTC settled in a stable range between US$170 and US$160. LTC managed to close the week out in confidence 4.2% higher on the week at US$160.58
LTC market cap was also a measure of resilience throughout the week showing a 5.2% increase week-on-week. Starting the trading week at US$8.5 billion market confidence saw the LTC market cap buoyed to over US$9.75 billion.
The highs were not prolonged and soon reversed to as low as US$8.76. In typical cryptocurrency fashion that rebounded unexpectedly high reaching US$9.39 billion. LTC market cap closed the week at around US$8.95 billion
24-hour trade volume
LTC 24-hour trading volume is always something to write home about. If not for its excitement, then for its stability across the trading week.
LTC’s trading volume, this week, was a story of steady declines. Starting the trading volume was strong around the US$600 million mark. By midweek trading that figure had petered out to around US$500 million.
Despite some price volatility, the decline continued that trend to around US$240 million of 24-hour trade as at the time of writing.
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