Litecoin finally showed its true colors and joined the Bitcoin mania to reach for crazy new highs this week. It went from $217 to testing the all-time high level of $420 on Tuesday, before erasing some of the gains. Some cryptocurrency exchanges such as Coinbase were not prepared for this surge, so they had to literally disable Litecoin trading to figure out the next steps. Litecoin is the 4th largest cryptocurrency by market cap, trailing behind Bitcoin, Ethereum, and Bitcoin cash, standing at around $7.5 billion as of today. It is also reportedly the most-traded digital asset on Coinbase’s GDAX platform, surpassing both bitcoin and Ethereum. At this point, we can all agree that these cryptocurrencies are moving at an unpredictable pace, mainly because many newbie investors with limited or no investing background are jumping in to get their piece of the pie. This has created an environment of extreme bullishness with limited or no risk management techniques put in place, which is preventing normal profit taking. There is still a chance that we see a pullback towards the key Fibonacci retracement levels at 331 and 277 before we see further gains in Litecoin price versus the USD. Thanks for watching, invest responsibly, and I’ll see you with more updates tomorrow.
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