Today was a big day for both Ethereum and Litecoin – here’s why

Litecoin

Today cryptocurrency investors saw a bit of a curveball as Ethereum and Litecoin saw huge gains and Bitcoin slinked back into the $16k range for a minute until popping back up to ~$17,200 where it sits now. As of this post being written Ethereum is up 26% at $642 and Litecoin is up close to 40% at $345.

So you probably haven’t been following Litecoin too much as Bitcoin has dominated the news lately, but just to put things in perspective, it was sitting at $95 last week at this time. Yes, that means if went from $95 to $345 in a week, a 219.4% gain in seven days.

litecoin-chart

(Chart source – World Coin Index)

I invested in both Litecoin and Ethereum myself a few months ago and pretty much forgot about it with all the insanity surrounding Bitcoin’s incredibly growth path…now I wish I bought even more. Of course, just like with Bitcoin’s latest run, investors around the world are kicking themselves for not putting more money into crypto. It’s somewhat painful to watch as an investor since all of this is almost completely unpredictable yet if you put a few thousand dollars into any of these three cryptocurrencies a year ago you would have made a pretty life-changing amount of money.

Okay, I digress, let’s get back to what happened today. So today was a weird one because Bitcoin dipped down 0.36% and into the sixteen thousand range while both Ethereum and Litecoin had one of their best days of the year. So what happened?

Well this is what some investors were predicting. With Bitcoin at it’s all time high, investors seem to be starting to move their profits into alternative cryptocurrencies looking to get on another cryptocurrency rocketship. Since Ethereum and Litecoin are two of the most well-known and established alternative cryptocurrencies it’s no surprise that these are seeing so much activity.

This might just be one of the first cryptocurrency moves that isn’t too hard to explain, put simply:

seeking-alpha-logo

“Investors are taking profits in Bitcoin and re-allocating to Ethereum & Litecoin.” (Source – SeekingAlpha)

The question now is – if you missed the Bitcoin train is now the time to jump into Ethereum and Litecoin? Given that we’ve seen share interest and hype take Bitcoin to the moon, could the same happen with alternative crypocurrencies?

Here’s my two cents. If a ton of people made a fortune off of Bitcoin (we can check that box, it happened), and some meaningful percentage of these people put their profits into Ethereum and Litecoin, these two cryptocurrencies are going to keep going up. At the same time, it’s hard for me to put my money where my mouth is since like so many investors, I’m concerned about buying more of either of these at their peak.

Still, after seeing what Bitcoin just went through, who’s to say this can’t happen again, and again, and again. At the same time, that famous saying, “what goes up must come down” is starting to feel like it could make a whole lot of sense just about any day now. What do you think? Is this just the beginning of a monumental run for Ethereum and Litecoin or is this the top for all three currencies are will smart investors cash out now at what might just be the top?

What do you think? Comment and let your voice be heard!

{ 9 comments… add one }

  • Richard December 13, 2017, 12:54 am

    Reading stories about people mortgaging their homes to buy crypto, everyone trying to buy in, people thinking it’s a one-way bet, and people still believing “this is different”, … list goes on. Crypto may be different, but investing isn’t, and while things go on like they are it’s resembling 2000 DotCom every day. Bubble likely to get even bigger, but when it crashes all these new investors going to get serious wake-up call. No such thing as risk-free, easy money. Every bubble like this ends the same way. Even creator of Litecoin saying he fears a multi-year bear market now due to price surge. Invest if you understand the risks, but if you think this can go only one way then an old saying applies: “a fool and his money are easily parted”.

    Reply
  • jin December 13, 2017, 1:24 am

    none ripple is up 100 percent, probabaly still the best one to get into, might go to $1+ in couple of days.

    Reply
  • Nick December 13, 2017, 5:09 am

    Morgan, you said you purchased some Ethereum. Can you explain how you do that? Where do you go? Someone told me Google Wallet is able to hold cryptocurrency? Can you outline the steps (or maybe you have and I didnt see it?). I’m not adverse to risk and would like to invest, but I have no idea where to begin.

    Reply
  • JZ December 13, 2017, 5:42 am

    it may not be too late to buy ethereum and litecoin but i dont have much faith in litecoin. also, its basically too late to buy bitcoin within taking a big risk or investing not much at all and not making much.

    Reply
  • John December 13, 2017, 6:08 am

    I think the question now is what other ones at a $1 or less that can be bought at a legit dealer/exchange are the ones to buy now. That was one of the big issues years ago when litecoin was around a $1 and bitcoin under $100. Even if one bought them were they able to keep it (i.e. Mt Gox, etc.) Do some educational posts on the space on topics like pre-mining (good or bad), bitcointalk, etc. The whole space is young and only in the first or second inning.

    Reply
  • Bob December 13, 2017, 7:45 am

    I believe that Ethereum is poised to take the crown from market leader Bitcoin before long as it is now already the world’s second-largest cryptocurrency! I have EthereumCrown.com & also 360Ether.com for sale at Sedo.

    Reply
  • Matt Holmes December 13, 2017, 3:37 pm

    Yes, I had almost sold off my litecoin, but thank goodness held on to it! Now flustered again on if I should sell now or keep. In the meantime I bought more ETH, but still playing with smaller numbers while I start to learn how all of this is going to unfold.

    Reply
    • Nick December 15, 2017, 6:27 am

      Matt – Where are you purchasing from? I want to set up an account somewhere but dont know where is safe. I found Coinbase.com but would love to hear other options to investigate…

      Thanks!

      Reply
  • Nick December 18, 2017, 6:32 am

    No one can provide a suggestion of a safe site to purchase/transact crypto-currency?

    Reply

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