It will be an interesting day for all cryptocurrencies, as the overall momentum remains on wobbly legs. While bitcoin is on the mend, most of the other markets are still trying to find their way. The Litecoin price, while trying to move up, is still losing ground to bitcoin. That in itself will create an interesting situation well worth keeping an eye on.
Litecoin Price Momentum Remains Uncertain
In the world of cryptocurrencies, there is no such thing as a definite market trend. While it is true the overall momentum seems to favor bullish momentum right now, the reality can easily be very different. With bitcoin in the green, one would expect most markets to follow. However, this makes it a bit more difficult for altcoins to note gains over BTC in the process.
As far as the price is concerned, the uptrend has yet to materialize properly at this time. Although there is indeed an uptrend in USD value to push the value to $45.84 again, there is also a minor drop in LTC/BTC at the same time. While a 0.15% deficit is nothing to be overly concerned about, it is evident the uptrend may not necessarily materialize all that easily either. It can make for some intriguing momentum in the coming hours, especially with this high overall trading volume.
There are some key developments which would seemingly warrant a Litecoin value increase. First and foremost, the Litecoin Foundation announced a partnership with Glory Kickboxing. This will ensure LTC is the official cryptocurrency for this sports organization, and users will be able to pay with LTC for GLORY events in the future. A major development for the cryptocurrency industry as a whole.
Excited to announce a new partnership with that will see becoming the official cryptocurrency of the world’s premier kickboxing organization. Read more about how you'll be able to for GLORY events and more ⚡️🥊
— Litecoin Foundation (@LTCFoundation)
Secondly, Mavens is confident now is the time to put his entire tax refund into Litecoin. That in itself is a bullish signal in its own right, although one has to wonder if it is the smart decision in the long run. While one could buy a decent amount of LTC with this tax refund, putting thousands of Dollars into one cryptocurrency and not diversifying might not necessarily be the most feasible approach.
new trend….. I'm going to put my entire into
As soon as it shows up, I'm buying . I'm expecting like 4K…. so, 100 or so LTC. Stackin that shit motherfuckers….. THAT'S RIGHT I SAID IT, I'M STACKING LTC, YAH, YOU KNOW ME!!!
— Mavens (@HavensTy)
Regardless of how the overall crypto market trend may look at any given time, there is always an arbitrage opportunity to take advantage of. In the case of Litecoin, it would seem there is some good profit to be made for those who simply want to increase their BTC holdings in quick succession. A 1% profit should never be looked down on, although there may be more lucrative opportunities later today, depending on how the LTC price evolves.
Buy LTC/BTC at , sell at ; earn 1.01%
— Tokens Arbitrage (@TokensArbitrage)
All of the current market signs seem to indicate something interesting is bound to happen. Whether or not that will result in bullish market momentum, is a very different topic of debate. Considering how bitcoin is noting very minor gains, a status quo may not necessarily be the worst outcome either. For Litecoin, it seems the LTC/BTC struggle may continue for a while, albeit some USD gains might be noted in the process.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.
Image(s): Shutterstock.com
Published at Wed, 27 Feb 2019 09:41:51 +0000
