The Litecoin price (LTC/USD) has bounced back after hitting a near one-year low below $50 on Wednesday.
The seventh-largest digital coin on the market saw heavy losses during yesterday’s morning session, which eventually led to a drop to $47.67 in the early afternoon. This was Litecoin’s lowest price level since September 25, 2017, according to data from digital currency tracker Coinmarketcap. However, the coin’s performance improved significantly in subsequent trading, allowing LTC to pare its losses for the day. The coin finished the session at $51.66, down from its opening level of $52.39.
Litecoin has continued to perform steadily in today’s session, although its advance has shown signs of slowing down. After breaking above the $53 mark in the early hours of trading, the coin spent the rest of the morning session hovering around that level. LTC saw a minor uptick in the early afternoon, with its price rising to $53.80. At the time of writing, the Litecoin price was hovering slightly above that level.
While Litecoin’s rally has been less impressive today, the coin has been one of the best performing digital currencies in the crypto top 10 over the past 24 hours. Other coins, such as Ethereum (ETH), Bitcoin Cash (BCH) and Monero (XMR), have also enjoyed big gains, contributing to an overall recovery trend felt across the cryptocurrency space. As a result, the crypto market has gained more than $10 billion from its Wednesday low and is now close to reaching $200 billion in total value.
In today’s trading, the Litecoin price stood at $53.90, as of $14:38 BST. The digital coin has gained 10.4% in the past 24 hours, Coinmarketcap data shows. Its total market cap currently stands at $3.1 billion.