Litecoin at $70: Stronger Than the Market

Litecoin costs around $70.52 this Thursday, 5.2 percent above its level of 24 hours ago. That is the strongest daily move among the 25 largest cryptocurrencies, and it comes out markedly stronger than at the two heavyweights: Bitcoin gains 3.4 percent over the same period, Ethereum 2.8 percent. Anyone holding Litecoin or weighing an entry gets a move that can be explained, and a figure that has to be kept in view.

The explanation has two strands, and they point in different directions. One is measurable: the Litecoin network has been running noticeably busy for weeks. The other is an expectation resting on an application to the US securities regulator, and that application has not been approved. This piece separates the two, because the difference matters considerably for a purchase decision.

Litecoin price today: $70, a 5.2 percent daily gain and a weaker weekly picture

Over the past 24 hours the price moved between $66.61 and a little over $70. Trading volume came to around $389 million, market capitalisation to about $5.48 billion. That puts Litecoin 24th among the largest cryptocurrencies by market value, with a circulating supply of around 77.7 million coins.

More interesting than the daily figure is the contradiction with the week. Calculated over seven days, Litecoin is down 1.7 percent. Today's jump therefore does not continue an uninterrupted uptrend; it recovers what the preceding days cost. That distinction often gets lost in headlines, and it decides whether you are looking at a continuation or a counter-move.