The Litecoin price (LTC/USD) has remained stuck in the low-$50 range during what is shaping up to be another slow day of trading for the fifth-largest cryptocurrency on the market. According to data from cryptocurrency tracker Coinmarketcap, Litecoin is currently trading at around $51.50, significantly below its yesterday close of $53.14. Since the start of this month, the cryptocurrency has been unable to top break above the $55 barrier.
The market activity has somewhat improved today, though, judging by the price drop, this is likely driven by selling, rather than buying. Litecoin’s 24-hour trading volume currently stands at $114 million, With South Korea’s Bithumb exchange accounting for 20.3% of that. Hong Kong’s Bitfinex comes in second place with 15.5%, while the US-based GDAX exchange, which is operated by Coinbase, captures around 13.7%.
No major news
Litecoin’s lacklustre performance of late can be attributed to the lack of major announcements around the cryptocurrency. Litecoin’s meteoric rise this year has been largely driven by the technological advancements that have been introduced to the Litecoin network. Earlier this year, the news that Litecoin would became the first major cryptocurrency to adopt SegWit and the subsequent activation of the upgrade provided the spark that allowed the Litecoin price to surge from $4 to $40 in just a few weeks. And in early September Litecoin’s creator Charlie Lee announced on Twitter that the first Lightning Network-based Litecoin transaction had been successfully executed, which helped the cryptocurrency reach its all-time high of $92.
Right now Litecoin’s is simply lacking catalysts of such calibre and with big changes coming soon to Bitcoin and Ethereum, investors are understandably focused on the cryptocurrency’s larger rivals. However, Litecoin developers have been working – and making progress – on new features, such as cross-chain atomic swaps, so it may not be long until the ‘silver to Bitcoin’s gold’ steps back into the spotlight.
In today’s trading, the Litecoin price stood at $51.17, as of 17:32 BST. The cryptocurrency has lost 4.4% of its value, according to data from Coinmarketcap.
For further information on how to buy and trade Litecoin, see our comprehensive Litecoin guide.