Litecoin price (LTC/USD) recaptures $56 thanks to strong start on Thursday

The digital coin sees a significant increase in trading volume

Litecoin price (LTC/USD) recaptures $56 thanks to strong start on Thursday

A strong start has allowed the Litecoin price (LTC/USD) to recover some of the losses it incurred during yesterday’s session.

The digital currency had a disappointing session on Wednesday, as its price experienced a significant pull-back from its recent highs. Having opened the session at $57.08, the coin tumbled during the late morning trading, hitting an intraday low of $55.43. LTC tried to bounce back in the afternoon, but faced stiff resistance near the $57 mark. The coin eventually finished the session at $55.93.

Litecoin had some success in the early hours of today’s trading, as its price managed to return above the $56 mark. The coin even managed to break through the $57 barrier after its price surged to as high as $57.76 in the early afternoon. However, this spike was immediately followed by a sharp decline, which led to LTC hitting an intraday low of $55.81. So far, this has been Litecoin’s only drop below $56 for the day. The coin has managed to rebound in recent trading and is currently hovering around the $56.50 mark.

Meanwhile, Litecoin has seemingly seen a big improvement in terms of market activity. Recent market data shows, that around $1.57 billion worth of LTC tokens have changed hands over the past 24 hours. This is significantly higher than the $1.46-billion daily trading volume that was generated on Wednesday.

Coineal has been the most popular destination for LTC trading in the past 24 hours, having captured 9% of all trades over that period.

In today’s trading, the Litecoin price stood at $56.51, as of 16:25 GMT. The digital coin has gained 0.7% in the past 24 hours, according to data from digital currency tracker Coinmarketcap. The coin’s total market capitalisation currently stands at almost $3.5 billion, which makes LTC the fourth-largest digital currency on the market.

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