In the last 24 hours, Litecoin prices jumped nearly 5.76% against the U.S. dollar(NYSEARCA:UUP) and roughly 2.57% against Bitcoin.
The LTC to USD exchange rate is currently sitting at $68.32 at the time of this writing.
Any Litecoin news there was took a backseat to bigger industry trends on Monday.
Investors were preoccupied with rumors that the Chinese government is looking to shut down Bitcoin exchanges. However, it’s likely these fears are extended from China’s actual crackdown of initial coin offerings (ICOs).
The ICO market is facing deep skepticism at home and abroad. At the very least, regulators want accountability, and at the worst, they want to shut down ICOs altogether.
But with those fears dying down, investors found the courage to resume trading. Approximately $412.1 million worth of Litecoin changed hands on Monday.
While it is a respectable amount when measured against Litecoin’s average trading volume, it is less than a third of peak volumes from earlier in the month.
The most active exchanges were once again OKCoin.cn and Huobi, both Chinese exchanges that specialize in LTC to CNY transactions. Collectively, the two exchanges accounted for 49.25% of Litecoin’s trading activity.
Meanwhile, the overall crypto market climbed above $151.0 million for the first time since Friday.
Investors fought the urge to cluster around the frontrunner, keeping BTC dominance at a relatively low 47.2%. In many ways, this helped LTC prices outdistance Bitcoin.
Frequent readers will know that our Litecoin price forecast has LTC prices reaching $200.00 in the next 12 to 18 months. There are two ways this can occur:
- Litecoin carves out a niche in the crypto market. Funds rotate into it from other coins.
- Or, an expanding investor base for cryptocurrencies leads broad-based growth. Bitcoin leads Litecoin and other altcoins to previously unseen levels.
These two eventualities are not mutually exclusive, mind you, but they do assume continued confidence in the crypto market. Moreover, they depend on regulatory outcomes, something which is essentially unknowable to most traders.
The good news is that most jurisdictions are working to regulate cryptocurrencies, not eliminate them. This is about the best that can be hoped for, considering that cryptocurrencies are trying to disrupt the status quo.