Litecoin price (LTC/USD) spikes to near four-month high on Tuesday afternoon

The Litecoin price (LTC/USD) has experienced a strong surge on Tuesday afternoon, reaching its highest level in almost four months.

Like many of its crypto peers, Litecoin suffered significant blow on Monday morning, which resulted in the token hitting a four-day low of $45.85. While the coin managed to weather the storm in the afternoon it still finished the day deep in the negative territory. The coin closed the session at $46.43, well below its opening price of $48.33.

Benefiting from an improved market sentiment, LTC started gaining momentum on Tuesday morning, which allowed its price to return above the $47 mark. Then, the coin experience a sudden price jump in the early afternoon, which allowed it to gain over 9% in just a couple of hours. The coin rose to as high as $52.72, before taking a brief pause. The coin has renewed its advance in most recent trading, with its price topping, albeit briefly, the $54 level for the first time since November 8. At the time of writing, LTC was the second-best-performing top 10 token, after the Binance Coin (BNB).

At the same time, it seems that Litecoin’s price jump has been supported by strong market activity. Recent market data shows that just over $1.7 billion worth of LTC tokens have changed hands over the past 24 hours. This is well above the $1.25-billion daily trading volume that was generated on global crypto exchanges during yesterday’s session. OKEx, BW, DigiFinex and Coineal has been some of the most popular destinations for LTC trading, according to data from digital currency tracker Coinmarketcap.

In today’s trading, the Litecoin price stood at $53.60, as of 16:20 GMT. The digital coin has gained 15.1% in the past 24 hours, Coinmarketcap data shows. The coin’s total market cap currently stands at $1.8 billion, which makes LTC the fifth-largest digital coin on the market.