Although few people expected bullish cryptocurrency market momentum this weekend, the reality can work out in funny ways. All major markets go through a revival of sorts, which is more than welcome after a rocky start to 2019. The Litecoin price has noted a 5% gain in the past few hours, which is a rather impressive trend, all things considered.
Litecoin Price Surge Kicks off
Many things can be said about Litecoin. It is the silver to Bitcoin’s gold. There is very little technical innovation. Regardless of how one feels about the project, it remains one of the more valuable alternative currencies on the market. As such, it is only normal there will be intriguing price fluctuations as more time progresses. One such trend is taking place right now, which shows the altcoin is in a good place.
Over the past 24 hours, there has been a 5% gain in USD value and a 2.5% improvement in LTC/BTC. Both of these trends are increasingly interesting to keep an eye on. Now is the time for altcoins to gain on Bitcoin, even though the Bitcoin price itself is also moving up nicely. Based on these circumstances, the weekend may prove to be very positive where LTC is concerned.
There are many interesting developments when it comes to Litecoin. The big news is how Coingate has introduced the Litecoin Lightning Network this week, which further confirms how versatile this project really is. Litecoin is more than capable of holding its own compared to Bitcoin, but the current is also using many of the same technological layers.
We won’t postpone the next big launch – #Litecoin #LightningNetwork is ON!!! We began the trial together with our first selected merchant @SurfsharkSecure. More will join soon! For now, dig into our blog post for more info! $LTC @SatoshiLite @LTCFoundation https://t.co/rGLrxYD3Fo pic.twitter.com/tzbbALS9hF
— CoinGate (@CoinGatecom) January 17, 2019
Another pretty big development to keep in mind comes in the form of OpenBazaar. The project’s developers recently revealed version 2.3 of the platform, which comes with mutli-wallet support. As such, Bitcoin, Bitcoin Cash, Litecoin, and ZCash can now be used without too many problems. This is another big development for the project, but one that can also have big repercussions for the Litecoin community itself.
— OpenBazaar (@openbazaar) January 18, 2019
When it comes to the technical analysis, anything is possible, by the look of things. It is difficult to make sense of cryptocurrency market movements at the best of times. This sudden outbreak across the board took many people by surprise, for rather obvious reasons. As such, the momentum can also disappear very quickly, which is rather worrisome.
— Crypto Dju (@CryptoDju) January 19, 2019
Although there is still a lot of positive Litecoin momentum in the market, sustaining any uptrend will remain challenging regardless. One thing working in favor of the altcoin is how there is plenty of trading volume to contend with. More specifically, there is nearly $570m in volume, which is rather huge for a weekend. Whether it can keep the Litecoin party going, is a different matter.