Silver lining shows as Litecoin rebounds from a damp trading week.
- Litecoin price showing strong gains closing out the week.
- Trading volume of Litecoin shows consistency.
- Drop in trading volume goes hand in hand with price.
The week in Litecoin (LTC) has remained largely consistent with the market for altcoins, seen as the trading week closes with swathes of the altcoin market showing improvements.
LTSC’s trading volume has remained constant with only some slight ebbing and flowing throughout the week. Nothing like the sharp volatility that can be seen with coins of a less established nature in the cryptocurrency market.
With consistency can often come some semblance of a pattern. It remains somewhat of a consistent pattern that LTC sometimes drops at similar times to a depression in trading volumes. What this means for the altcoin is unclear, but it adds to the scepticism surrounding LTC’s viability as a form of money.
LTC began the week trading in its comfortable band between US$210 and US$150. At US$190.14 LTC began sliding with trading volumes, seeing a midweek depression in the price of LTC.
During midweek trading LTC hit as low as US$151.71 before recouping a lost 20 dollars as the weekend was approaching.
As LTC appeared to be settling at that price, it had a strong sell-off dropping to the weekly low of US$138.02. With encouraging signs from the broader market, LTC has increased staunchly since that low, rebounding to US$156.54 and still rising, as at the time of writing.
LTC market cap has moved around violently this week starting the week at US$10.5 billion stuttering to a midweek low of US$8.4 billion
The worries for LTC market cap weren’t to stop there, with it losing a further US$800 million to reach the week’s trough of US$7.6 billion.
Showing strong resilience as a barometer of trading confidence in LTC, its market cap has been picking itself up in rapid fashion closing out the week at US$8.7 billion.
LTC trading volume is something that I like a lot. The reason for this is its consistency on a weekly basis. The only trouble is knowing whether or not a depression in trading volumes is responsible for declines in LTC’s value.
Strong trade as the week began saw LTC trading reach a 24-hour volume of US$668 million. While LTC price was dropping midweek trading volume also receded to around the US$400 million mark.
As the week’s price trough was approaching, a clear reduction in trading volume was apparent, going tens of millions of dollars below US$400 million.
This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators’ websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.