The Litecoin price (LTC/USD) has seen a notable correction following its breakout rally from last week.
After breaking above the $40 barrier for the first time in nearly a month on Friday, Litecoin was able to extend its rally during the weekend sessions. Having opened the Saturday session at $43.02, the coin rose to as high as $45.86, before closing at $44.79. The Sunday session offered even more positive action, with the Litecoin price hitting a near three-month high of $47.09 in the afternoon. The coin did see a slight pull-back in the final hours of the session and eventually finished the day at $46.83. This put an end to a very strong week for Litecoin, during which the coin gained nearly 34% and became the fourth-largest digital coin on the market.
However, the coin was unable to maintain this positive momentum in today’s morning session, as its price experienced a significant drop in the opening hours. At the time of writing, the Litecoin price was hovering around $44.50, according to data from digital currency tracker Coinmarketcap.
Litecoin’s rally last week followed news that the Litecoin Foundation has approached blockchain start-up Beam regarding the possible implementation of the privacy-focused Mimblewimble protocol.
“We have started exploration towards adding privacy and fungibility to Litecoin by allowing on-chain conversion of regular LTC into a Mimblewimble variant of LTC and vice versa,” Beam wrote in a blog post on Thursday.
Following the news, Litecoin has also seen a dramatic improvement in terms of market activity, with daily trading volumes surpassing $1 billion in the past three sessions. The highest trading activity was recorded on Friday, when LTC’s volume reached $1.7 billion.
Over the past 24 hours, around $1.4 billion worth of LTC tokens have changed hands.
In today’s trading, the Litecoin price stood at $44.63, as of 13:04 GMT. The digital coin has gained 1.6% in the past 24 hours.
For further information on how to buy and trade Litecoin, see our comprehensive Litecoin guide.