The Litecoin price (LTC/USD) has managed to reclaim the $60 mark thanks to a big surge that occurred in recent trading.
The seventh-largest digital currency on the market had a relatively uneventful session yesterday, with its price mostly moving within the $57-58 trading range. While the digital coin experienced a late surge, which lifted its price to an intraday high of $59.62, it quickly became clear that the token would not be able to defend its gains. Eventually, Litecoin finished the session at $57.40, just slightly below its opening price of $57.45.
The digital coin enjoyed a positive start to today’s trading, with its price rising above the $58 mark. After the initial uptick, the coin spent the rest of the morning session and the early afternoon moving on a slow, but steady, downward trajectory. However, the situation changed dramatically in recent trading, as LTC experienced a sudden surge that lifted its price to a four-day high of $63.17. The Litecoin price has since pulled back to lower levels and is currently hovering around the $62.50 level.
While the reason for the spike was not immediately clear at the time of writing, recent market data indicates that the advance is supported by a significant increase in terms of trading volume. According to figures from digital currency tracker Coinmarketcap, some $440 million worth of LTC tokens have changed hands in the past 24 hours. This is significantly higher than the $294 million of trading volume generated on Wednesday. This appears to coincide with a surge in trading activity on minor crypto exchange DOBI Trade, which currently accounts for 13.8% of LTC’s 24-hour trading volume.
In today’s trading, the Litecoin price stood at $62.68, as of 16:08 BST. The digital coin has gained 8.3% in the past 24 hours.
For further information on how to buy and trade Litecoin, see our comprehensive Litecoin guide.