The Litecoin price (LTC/USD) has seen significant losses over the past 24 hours, following a downtrend in the broader cryptocurrency market. Earlier in today’s trading, the fifth-largest cryptocurrency dropped to an intraday low of $58.83, its lowest price level since August 27. It is currently trading around $61, still lower than yesterday’s close of $64.23.

Market activity has picked up from yesterday, with Litecoin’s 24-hour trading volume currently at just over $500 million, according to data from cryptocurrency tracker Coinmarketcap. South Korea’s leading cryptocurrency exchange accounts for around 23% of that volume, while Chinese trading platform OKCoin captures just over 16%. GDAX’s LTC/USD trading pair accounts for 12.75%, which is followed by Huobi’s LTC/CNY offering with 12.5%.

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Like many of its peers, Litecoin has been hurt by China’s decision to ban initial coin offerings and the subsequent report by Chinese financial publication Caixin that the Chinese government is planning to shut down certain local cryptocurrency exchanges. Both events shook the cryptocurrency market last week, causing panic and uncertainty among cryptocurrency investors. But before the start of the decline Litecoin was in a very good spot, with its price having topped $90 for the first time ever. That rally was bolstered by the continuing efforts of the Litecoin team to introduce new technological advancements to the Litecoin blockchain, including the implementation of the Lightning Network, which promises much faster and cheaper transactions.

In today’s trading, the Litecoin price stood at $60.25, as of 15:10 BST. The digital coin has fallen 8.8% over the past 24 hours. It’s total market capitalisation currently stands at $3.19 billion.

For further information on how to buy and trade Litecoin, see our comprehensive Litecoin guide.