The Litecoin rally has lost some steam in today’s trading, though the cryptocurrency remains comfortably above the $50 mark. At the moment, the Litecoin price (LTC/USD) is hovering around $54, down from yesterday’s close of $56.28. The fifth-largest digital coin on the market saw a price dip toward the end of the morning session, dropping from $56.19 to an intraday low of $53.64, but it was able to recoup some of its losses in the afternoon.
Litecoin has also seen an increase in market activity, with its 24-hour trading volume currently standing at $245 million, according to data from cryptocurrency tracker Coinmarketcap. South Korean giant Bithumb captures 30.7% of the trading volume, while the US-based GDAX exchange remains a distant second with 16.5% of the global market activity. Bitfinex coms in third place, capturing 9.5% of the volume.
Like many of its peers, Litecoin suffered heavy losses in the wake of China’s decision to ban initial coin offerings and shut down local cryptocurrency exchanges. Over the course of two weeks the cryptocurrency dropped from an all-time high of just over $92, set on September 2, to a low of $32. The subsequent rebound suggests that investors are still optimistic about the cryptocurrency’s future. Particularly encouraging is the fact that the Litecoin-based developers continue to improve the cryptocurrency’s network. Last week, Litecoin’s creator Charlie Lee announced that it had successfully completed cross-chain atomic swaps between Litcoin and several other cryptocurrencies, including Bitcoin.
In today’s trading, the Litecoin price stood at $53.95, as of 16:15 BST. The cryptocurrency has gained 0.6% over the past 24 hours.
For further information on how to buy and trade Litecoin, see our comprehensive Litecoin guide.