According to recently released surveys and statistics, Litecoin, which is the seventh largest cryptocurrency in terms of market capitalization, has recently experienced a huge spike in trading volume. Lately, Litecoin trading volume has largely been consistent in the $200 million range.
[img desc: Litecoin trading volume sees a big spike, though price remains relatively the same.]
On the other hand, this has now changed, while the information from websites and trackers is recording a solid $100 million more in trading volume.
As of press time, Litecoin trading volume is at $323.5 million, although, interestingly, the cryptocurrency has not experienced any large movements in its price. its price is currently sitting at $51.23, with a loss of 1.20 percent. On the other hand, Litecoin trading suddenly showed much more popularity.
At present, the cryptocurrency community is keep a close eye on Litecoin, with many of them speculating that this might be a signal on adoption. If that’s what it really is, it would resonate with earlier predictions that have announced such a development for late 2018. However, there are also those who believe that this is fake volume, or that a single large transaction influenced the figures on the statistics.
In the last 24 hours, Litecoin has largely been traded on Bithumb, with around 29 percent of the total Litecoin trading being accomplished on the exchange. The second most popular location is ZB.com, with only 10.71 percent of Litecoin trading. Even though this digital currency is listed on more than 130 platforms, most of them do not see any trading or, if at all, just at least some minimal amount.
The reasons behind the sudden increase in trading volume are currently unknown, but it is quite apparent that Litecoin’s new popularity did not affect its price even in the smallest scale—at least not yet.
Some investors, on the other hand, are claiming that a price surge is soon to follow, considering that a change in volume typically comes together with a change in value.
The value of cryptocurrencies is quite touch nut to predict, and all the analysts have to depend on the coin’s popularity and past performances. In spite of any bullish outlook, the prediction of Litecoin is no different. While the larger rate of adoption will definitely help prop up the coin’s value, there is still a huge uncertainty that this event will happen in the near future.
Others see the volume increase as a temporary trend, in spite of the fact that Litecoin has outperformed numerous other currencies, including some top tiers, in terms of trading volume.
While opinions continue to vary within the community, they don’t change the fact that Litecoin’s trading volume is surging. Although many believe that the coin’s price has slipped due to the lack of interest in the crypto space, it’s also possible that this is now changing.