People who have been keeping an eye on the Litecoin price as of late may show small signs of concern. Even though Bitcoin’s value is dropping, LTC’s price does not seem to go up by any means. Instead, it seems both BTC and LTC are dropping in value simultaneously, which is rather surprising. There is no shortage of good news, though, which makes this pullback even stranger.
Litecoin Faces Some Struggles Right Now
There is always more to a particular cryptocurrency than just the price. Everyone who has been around in the world of crypto for longer than two weeks will gladly acknowledge this fact. Litecoin has an incredibly solid reputation, and there is a lot of good news happening as of late. Unfortunately, the value per LTC does not reflect this by any means right now, which is surprising.
A lot of exchanges have been seeing an influx in Litecoin trading as of late. The popular altcoin is now supported on BitPanda as well, which is one of Europe’s largest broker platforms. Additionally, it appears trading volume in Japan and Korea has been picking up as well over the past few weeks. Moreover, the SegWit activation only happened recently, and it appears Lightning Network transactions are taking place as well.
Unfortunately, it is not all positive news for Litecoin either. The sudden disappearance of WeMineLTC casts a dark shadow over the recent successes. Even though it remains unclear how much money was stolen by the pool, it’s a troublesome development regardless. Luckily, it appears this has only had a minor impact on the overall LTC ecosystem for now. It is still possible WeMineLTC returns, although no one is holding out hope.
Which brings us to the current Litecoin price, which appears to be in a slum. Even though Litecoin still has the fourth largest market cap in all of crypto, NEM may surpass them in the near future. Then again, LTC has over US$139m in 24-hour trading volume, which is more than respectable. It appears there will be some sideways action for LTC around the 0.016 BTC mark, although things should rebound relatively quickly. Just a few days ago, LTC was traded at 0.022 BTC despite a much higher Bitcoin price.
JP is a freelance copywriter and SEO writer who is passionate about various topics. The majority of his work focuses on Bitcoin, blockchain, and financial technology. He is contributing to major news sites all over the world, including NewsBTC, The Merkle, Samsung Insights, and TransferGo.