Litecoin price (LTC/USD) sees further gains on Wednesday, briefly tops $56

The Litecoin price (LTC/USD) has pulled back after reaching a near five-month high on Wednesday morning.

After a relatively quiet morning session on Tuesday, the digital currency surged in the early afternoon, gaining nearly 10% in just a couple of hours. The coin rose to as high as $54.02, before finishing the session at $53.13. This was well above Litecoin’s opening price of $46.52.

The coin has managed to further extend its gains in today’s trading session. The coin’s seemingly hit its peak in late morning trading, when its price reached $56.27, its highest level since October 15. The afternoon portion of the session has been far less successful for Litecoin, whose price has experienced a sizable correction. At the time of writing, the Litecoin price was hovering around $54.90.

According to data from digital currency tracker Coinmarketcap, Litecoin continues to enjoy strong market activity. Yesterday, the coin’s daily trading volume surpassed $2 billion for the first time since mid-February 2018. Recent market data shows that around $2.2 billion worth of LTC tokens have changed hands over the past 24 hours, which suggest that the trading activity has remained strong on Wednesday.

Litecoin’s price rally has been impressive even against the backdrop of an upbeat crypto market that has largely recovered from a recent sell-off. The coin has largely outperformed its rivals over the past couple of sessions and even Binance Coin (BNB), which was the standout performer yesterday, has failed to keep up with LTC. Litecoin’s stellar performance has allowed the coin to narrow the gap, in terms of market capitalisation, to the fourth-largest digital currency, EOS.

In today’s trading, the Litecoin price stood at $54.85, as of 14:32 GMT. The digital coin has gained 5.6% in the past 24 hours, Coinmarketcap data shows. The coin’s total market capitalisation currently stands at $3.33 billion.