Asian buyers, in desperate need of a new bubble to chase higher, appear to have found their latest target: Litecoin (which was recently added to Coinbase) is the cryptocurrency which has fallen squarely in their sights, having soared nearly 50% in the past…
While Bitcoin and Ethereum appear stuck in sideways limbo action after last week’s “crash” from which they both rebounded promptly, other altcoins are gaining a lot of interest, mostly from Asian buyers in desperate need of a new bubble to chase higher. And Litecoin (which was recently added to Coinbase) is the cryptocurrency which has fallen squarely in their sights, having soared nearly 50% in the past 24 hours to over $48…
… approaching its all time highs.
Having missed out on much of the surge in Bitcoin and Ethereum in recent weeks, Litecoin is, if only for the time being, the primary focus of cyrpto traders. With over $1 billion trading volume in 24-hours, Litecoin has become the latest darling of Chinese and Korean momentum chasers. A quick look at the source of activity reveals that over 50% of the volume is out of China and Korea.
However, as the Merkel points out, the bigger question is why this price increase is happening right now. One possible explanation points to concerns about the upcoming hurdle event for Bitcoin, where a looming chain split on August 1st has some people concerned. It is possible a chain split could hurt Bitcoin’s market position and another cryptocurrency may overtake it, especially with the market share of Ethereum soaring and poised to overtake Bitcoin (at the current pace of growh) in months.
