Litecoin price (LTC/USD) revisits $57 following sharp Tuesday morning rise

Litecoin price (LTC/USD) revisits $57 following sharp Tuesday morning rise

The Litecoin price (LTC/USD) has recovered much of its Monday losses thanks to a big surge that occurred during today’s morning trading hours.

The fourth-largest digital currency on the market had a disappointing trading session on Monday, as its price spent most of the day moving on a steady downward trajectory. The coin had one of its rare moments of positive price action in the early hours of the session, when it came within striking distance of the $58 mark. From its intraday high of $57.85, LTC gradually declined to a five-day low of $54.83, which it hit during the late afternoon session. The coin eventually finished the day at $55.42, well above its opening level of $57.19.

Today, the coin has taken a big step toward repairing the damage it suffered yesterday, but it had to overcome some poor early trading. During the opening hours of the session, Litecoin fell to as low as $53.50, according to data from digital currency tracker Coinmarketcap. However, the coin has since bounced back and even managed to revisit the $57 mark, thanks to a sharp price jump. At the time of writing, the Litecoin price was hovering around the $57 mark, having risen to as high as $57.26 earlier.

Meanwhile, Litecoin continues to enjoy strong market activity, even though it appears to be experiencing a notable drop in trading volume. Recent market data shows that around $1.68 billion worth of LTC tokens have changed hands in the past 24 hours. This suggests that today’s market activity has been subdued compared to Monday, when the coin posted daily trading volume of $1.8 billion.

In today’s trading, the Litecoin price stood at $56.97, as of 13:30 GMT. The digital coin has gained 2.8% in the past 24 hours, Coinmarketcap data shows. The coin’s total market cap currently stands at nearly $3.5 billion.

By Michael Harris
Specialising in economics by academia, with a passion for financial trading, Michael Harris has been a regular contributor to Invezz. His passion has given him first hand experience of trading, while his writing means he understands the market forces and wider regulation.
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