Legendary trader and prominent bitcoin bull Mike Novogratz said that he does not believe that the litecoin price will sustain its dramatic early-week rally and he would “sell it here.
The cryptocurrency markets achieved another comprehensive advance on Tuesday, but — breaking from recent norms — the bitcoin price was not leading the rally.
The Litecoin price has achieved $300, as it surpassed IOTA with a $15 billion market cap, to become the fourth largest cryptocurrency in the world behind Bitcoin Cash.
Litecoin price leaped by nearly a third on Monday, raising the sixth-largest cryptocurrency to a new all-time high.
Bitcoin Cash, Litecoin, and Ethereum price have declined by over 20 percent over the past 24 hours, as the entire cryptocurrency market experienced a major correction.
Bitcoin Cash declined to the $1,200 region for the first time since November 12, while the price of Ether has dropped below $400 after surging to nearly $500 in the past week.
Hong Kong cryptocurrency exchange Gatecoin has confirmed plans to resume HKD and USD bank transfers through new partners after suffering a banking blackout in September.
It has been two months since Gatecoin suspended HKD and USD transfers due to “abrupt” bank account freezes in Hong Kong.
“It was a major disruption to our business”, Gatecoin marketing chief Thomas Gluksmann said recently, particularly after the exchange had “tripled” its customer base in a 2-3-month period prior to the banking freeze, due to this year’s bitcoin price rally.
Coinone, South Korea’s second largest cryptocurrency exchange behind Bithumb, the world’s second-largest trading platform by trading volume, has integrated Litecoin.
Within 24 hours since its integration of Litecoin, Coinone has processed $3.2 million worth of Litecoin-to-Korean won trades, becoming the eleventh largest Litecoin exchange in the market.
South Korea, an Important Market For Litecoin
South Korea is a vital market for Litecoin, primarily because 25 percent of global Litecoin trades are being processed by Bithumb.
Litecoin price fell 11% on Thursday, reversing much of the coin’s recovery since last week’s market downturn.
Litecoin Price Dips Below $50
August was a record-setting month for the crypto markets, but few top-tier coins matched litecoin’s rate of ascent. Between August 1 and August 31, the litecoin price rose from $43 to $64. This 49% climb took litecoin to an all-time high.