The Litecoin price (LTC/USD) has surged in today’s trading, putting an end to its recent struggles, which saw the fifth-largest cryptocurrency drop from a one-month high of $70 to the lower $50s. Yesterday marked another disappointing performance, with the coin falling to an intraday-low of $52.87 and closing the session at $54.92. However, the trend was reversed in the early hours of today’s session, when, similar to many of its altcoin peers, Litecoin saw a significant price jump that propelled it closer to the $60 mark. According to data from Coinparketcap, the Litecoin price is currently hovering around $59 and is up more than 7% over the past 24 hours.
Meanwhile, the Bitcoin price has seen a 3% decline, which suggests that after several days of focusing on the original cryptocurrency, investors are now starting to return to the altcoin market. Market data shows that the Bitcoin dominance currently stands at 55.6%, down from the 58.5% it reached yesterday.
Another positive factor for Litecoin is the significant improvement in market activity. The coin’s 24-hour trading volume currently stands at $243 million, which represents a 70% increase from the same time yesterday. The Hong Kong-based cryptocurrency exchange Bitfinex accounts for nearly 20% of that volume, while the US-based GDAX, a trading platform operated by Coinbase, comes in second place with 19%. South Korea’s Bithumb exchange completes the top 3, capturing 13.9% of the trading activity.
In today’s trading, the Litecoin price stood at $58.40, as of 13:50 BST. The cryptocurrency has gained 7.3% over the past 24 hours.
For further information on how to buy and trade Litecoin, see our comprehensive Litecoin guide.