A recent tweet from Litecoin (LTC): “Litecoin is now one of the 5 cryptocurrencies tracked by @Cointelegraph price index. We’ve finally made it! 😀😂”
LTC has all reason to be jubilant since Cointelegraph is one of the premier trackers of cryptocurrencies in the world. By making it onto the list, LTC is showing the world that it is a bona fide digital currency and that it deserves all the attention it has been getting lately.
That attention is bound up recent price movements. Tracking back 30 days we can see where LTC has definitely grown from strength to strength. At the start of February LTC was trading just a shade over $160; there was some volatility and a pullback which took it down to $108 on February 6, but since then the coin has rallied strong.
The high for LTC in February was $248.56, more than double the month’s low and a clear sign that investors and traders believe in the coin’s upside potential. Towards the end of February there was a pullback again and LTC saw its price fall to $202. The drop was nothing compared to the low reached at the start of the month and confirms in a way that investors are consolidating, helping LTC to stabilize above a certain threshold.
That threshold seems to be $200+where LTC has been hovering for much of the last 7 days. Aside from the low of $202.74 which LTC hit on February 28, the coin has managed to trade pretty strong above $205 for the last 7 days.
Over the last 24 hours LTC has seen volume climb to $600M. The market cap of $11.478B has put LTC right in the big leagues and these recent strong numbers help in part to explain why the coin has been picked up by trackers such as Cointelegraph.
LTC is still a long way from the $11K or so price that Bitcoin (BTC) trades at; it is also some ways behind Ethereum which is currently trading at $842.84. But LTC is one of the premier coins on most indexes at the moment. The current valuation of around $206 is a solid figure and puts LTC above the majority of its competing digital currencies.
Medium to long term LTC looks set to benefit from the general stability that cryptocurrencies seem to be experiencing. The runaway trading seen over Christmas seems to have subsided and LTC like many which saw spikes is now consolidating.