The price movement for Litecoin has been utterly crazy during the past 24 hours, as I mentioned in my post about my short-term crypto currency trades. Before I went to sleep last night, I considered buying some more of LTC, while it was trading at $96-97 levels but decided that I’d rather go to sleep. Well, interesting things happened from that time until I woke up…
Get some drinks ready…
By the time I rolled out of bed and eventually got around to logging into Coinbase, the price had already hit $130. This is where it traded at most of the day until around 9:00 PM Eastern time when it climbed some more, up to around $150. I sold out my small 2 coin position at $142.55. Nice little profit of 37%.
Then things got utterly insane between 11:30 PM and roughly 12:30 AM. It actually traded in the $190-198 range for what on the chart looks like about 4-5 minutes before it tanked wildly and then shot back up into the $170s. Yep, in one day Litecoin more than doubled in price, if you got the sales timing right. Even still, getting $70-80 in profit per coin was definitely doable. Unless, you’re me, and hyper-conservative with taking profits on speculative plays like this.
Is Litecoin a Bubble?
I mean, probably…and I’m referring to just that latest massive run up and not the concept or future of Litecoin as a whole. That doesn’t mean that it won’t have it’s use as a digital currency or that it can’t climb to current Bitcoin levels at some point. But it’s hard to say that this current high flying in price, isn’t because of rampant speculation or more money coming in from Bitcoin sellers looking for the next ‘hot thing’. A month ago, it was trading for under $60…to $198.
I’m not of the mind that cryptos are just a giant useless bubble or fad that won’t have an impact in the future. The media and other folks have been saying that literally for years now. Will adoption of these currencies be smooth and without problems? Nope.
Then again, I’m not ever going all in on them, either. I’ll diversify my wealth into cryptos a bit and make money trading on days like today. I’m more of an asset collector and for me this is all another tool to try and generate more wealth and a better lifestyle.