Menu
Real Time Cryptocurrency News & Analysis

Litecoin price (LTC/USD) breaks through $60 during Thursday afternoon trading

The Litecoin price (LTC/USD) has managed to reclaim the $60 mark thanks to a big surge that occurred in recent trading.

The seventh-largest digital currency on the market had a relatively uneventful session yesterday, with its price mostly moving within the $57-58 trading range. While the digital coin experienced a late surge, which lifted its price to an intraday high of $59.62, it quickly became clear that the token would not be able to defend its gains. Eventually, Litecoin finished the session at $57.40, just slightly below its opening price of $57.45.

The digital coin enjoyed a positive start to today’s trading, with its price rising above the $58 mark. After the initial uptick, the coin spent the rest of the morning session and the early afternoon moving on a slow, but steady, downward trajectory. However, the situation changed dramatically in recent trading, as LTC experienced a sudden surge that lifted its price to a four-day high of $63.17. The Litecoin price has since pulled back to lower levels and is currently hovering around the $62.50 level.

While the reason for the spike was not immediately clear at the time of writing, recent market data indicates that the advance is supported by a significant increase in terms of trading volume. According to figures from digital currency tracker Coinmarketcap, some $440 million worth of LTC tokens have changed hands in the past 24 hours. This is significantly higher than the $294 million of trading volume generated on Wednesday. This appears to coincide with a surge in trading activity on minor crypto exchange DOBI Trade, which currently accounts for 13.8% of LTC’s 24-hour trading volume.

In today’s trading, the Litecoin price stood at $62.68, as of 16:08 BST. The digital coin has gained 8.3% in the past 24 hours.

For further information on how to buy and trade Litecoin, see our comprehensive Litecoin guide.

Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence. This website is free for you to use but we may receive commission from the companies we feature on this site. Click here for more information.