The Litecoin price (LTC/USD) has gained some ground over in the past 24 hours, but it hasn’t been able to launch a more meaningful rally.
Since the start of this month, the cryptocurrency has mostly traded in the low-to-mid $50s, with occasional moves above that range. On Saturday the digital coin reached $56.37 – its highest price level so far this month.
The Litecoin price came close to that level after a sharp increase earlier in today’s trading session. However, the attempted rally ran out or steam around $56.20 and the price retreated to lower levels. At the time of writing, Litecoin was trading at $55.88, up from yesterday’s close of $54.75.
The digital coin has seen an improvement in market activity, with some $124 million worth of LTC tokens exchanging hands over the past 24 hours. South Korea’s leading cryptocurrency exchange, Bithumb, accounts for 26.6% of that volume, while Hong Kong’s Bitfinex captures 16%. Coinbase’s cryptocurrency trading platform GDAX comes in third place with 12.2%.
Today’s afternoon trading session has so far been positive for the major Bitcoin alternatives, many of which have seen significant gains over the past 24 hours. The Litecoin price is likely benefitting from the uptrend, though its modest gains suggest that the altcoin rally might have had a limited impact on the fifth-largest cryptocurrency on the market.
As of 15:21 GMT, the Litecoin price stood at $55.68, up 1.4% from the same time yesterday. According to data from Coinmarketcap, the coin’s total market capitalisation currently stands at just below $3 billion.
For further information on how to buy and trade Litecoin, see our comprehensive Litecoin guide.