The price of the virtual currency Litecoin reaches an all-time high of $87 per token on as of press time, amidst the sustained solid performance of the cryptocurrency market. It is projected that the price of the digital currency could even surpass the $100 level before the year ends.
The trading of Litecoin has reached almost $381 mln in a 24-hour period across all trading exchanges. This shows that the digital currency is moving towards it all-time high as Bitcoin surged past $9,000.
The majority of the Litecoin trading volume was dominated by the exchanges GDAX and Bitfinex, outperforming cryptocurrency exchange Bithumb. The trading data also showed that there are three fiat currency trading pairs among the top three, signifying that there is new capital entering the digital currency market.
Solid performance of the virtual currencies
Litecoin’s sustained upward trajectory is just one of the positive developments in the digital currency market. Earlier, the altcoins Bitcoin and Ethereum have posted record increase in prices. These were followed by Monero and Dash, which also set all-time highs in their prices during trading.
The sustained strong performance of the other digital currencies amidst Bitcoin’s phenomenal rise is seen as a sign that the cryptocurrency market will experience phenomenal growth in the near future. In the past, when Bitcoin performed well, the other altcoins like Litecoin were usually adversely affected and posted sharp declines. This new trend shows that the altcoins are increasingly being accepted in the market.
Future for Litecoin
Litecoin’s surge is a sign that the industry players already see the potential of the cryptocurrency. This has also helped pushed the digital currency’s market capitalization to more than $4.5 bln and strengthened the altcoin’s solid growth in the market. It remains to be seen, however, if this bullish performance will be sustained in the days to come.