Litecoin price (LTC/USD) surges past $60 as market activity spikes

The fifth-largest cryptocurrency on the market reaches its highest price in more than three weeks

Litecoin price (LTC/USD) surges past $60 as market activity spikes

The Litecoin price (LTC/USD) has surpassed the $60 mark for the first time in more than two weeks, following a strong rally on Tuesday.

The Litecoin resurgence developed over the course of yesterday’s afternoon session, with the cryptocurrency’s price rising steadily from around $56 to $63.81- its highest level since October 17 – before pulling back to close at $61.30.

Litecoin has had a strong start of today’s session, rising to an intraday high of $62.89. It is currently trading around $62.30, according to data from cryptocurrency tracker Coinmarketcap.

Rising volumes

The Litecoin price rally has been supported by a strong increase in trading volumes. Coinmarketcap data shows that some $480 million worth of LTC tokens have exchanged hands over the past 24 hours. The cryptocurrency reached a daily volume of over $400 million on Tuesday, the highest level since October 15.

South Korea’s leading cryptocurrency exchange, Bithumb, remains the most popular destination for Litecoin trading, claiming just over 30% of the currency’s 24-hour trading volume. The US-based platform GDAX, which is operated by Coinbase, captures 15% of the trades, while Hong Kong’s Bitfinex comes in third place with 14.7%

Meanwhile, South Korea’s second-largest crypto exchange, which listed LTC on its platform just over a week ago, has processed $6.7 million worth of LTC trades in the last 24 hours, or 1.4% of the total volume – enough to claim a place in the top 10.

In today’s trading, the Litecoin price stood at $62.16, as of 09:32 BST. The digital currency has gained 11% over the past 24 hours.

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

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