Litecoin price (LTC/USD) posts further gains, as market activity remains subdued
The Litecoin price (LTC/USD) continues to rise, as the cryptocurrency market slowly recovers from Friday’s slump. The cryptocurrency rose to an intraday high of $70.25 earlier today, but it has recently retreated to around $67.50. Still, according to Coinmarketcap, the cryptocurrency has gained nearly 5% over the past 24 hours, which is the second-largest 24-hour gain in the top 10, behind IOTA’s whopping 18% increase.
The market activity remains subdued, with Litecoin’s 24-hour trading volume falling to $396 million. Chinese cryptocurrency exchanges OKCoin and Huobi account for nearly half of the global market activity, capturing 26% and 22% of the trading volume, respectively. South Korea’s leading cryptocurrency exchange Bithumb comes in third place with nearly 17%, while GDAX’s LTC/USD trading pair captures just over 6%.
Like many of its peers, Litecoin suffered heavy losses on Friday, when it was reported that the Chinese government was planning to shut down local cryptocurrency exchanges. The initial report came from Chinese financial publication Caixin, with other media outlets such as Bloomberg, The Wall Street Journal and Reuters publishing their own reports on the matter in the following days.
At current levels, the Litecoin price is well below its all-time high of $92.07, which was set on September 2, a few hours after the cryptocurrency’s creator Charlie Lee announced that the first Lightning Network-based Litecoin transaction had been successful.
In today’s trading, the Litecoin price stood at $67.8, as of 10:42 BST. According to data from Coinarketcap, the cryptocurrency has gained 4.9% over the past 24 hours, boosting its total market value to $3.59 billion.
For further information on how to buy and trade Litecoin, see our comprehensive Litecoin guide.