According to JP Buntinx at The Merkel, Litecoin (LTC) has seen a brief uptrend over the last few days, putting it on track to overtake BCH and EOS in terms of market cap.
It is true that the weekend always brings some curious activity in the crypto markets, partly because trading volume declines. However, that doesn’t mean we see any major shifts in price either way. LTC has been building a solid uptrend, which if it is sustained for a several more days could make it the silver to bitcoin’s gold once again.
Between Sunday and Monday, there was a 10.5% increase in Litecoin’s USD value, and there was an 11.2% increase in the LTC/BTC ratio, which may be perceived as being of more value to traders and investors. Buntinx suggests that it shouldn’t take a massive amount of effort to push this through to the 0.01 BTC level, although there may be some resistance when this is reached.
However, he also cautions that while LTC’s upward price trend looks appealing investors should look at the bigger picture. On Twitter, others have various opinions about LTC’s future fortunes: Tim de Hey points out that Litecoin’s trend might not have enough trading volume to keep this momentum going for very long. And The Original Bastard tweeted: “Watching the Bitcoin maxipads set up lightning nodes while Ethereum and Litecoin take turns pumping is the definition of being cucked.”
Even though everything points toward a further Litecoin price push to $40, this may not continue without a correction. Buntinx does say that LTC had an unusually high amount of trading on Sunday and that this may be an indicator of what is in store for LTC in the future.