The Litecoin price (LTC/USD) continues its rapid advance, surging to new highs of well over $70. The cryptocoin has been by far the biggest gainer among the top 10 digital currencies over the past 24 hours, rising more than 18%. The strong gains have pushed Litecoin’s total market capitalisation to over $4 billion for the first time ever.
The latest price jump once again coincides with a big surge in trading volume. According to data from cryptocurrency tracker Coinmarketcap, Litecoin’s 24-hour trading volume currently stands at just over $900 million. The market activity is driven by Asian exchanges, with South Korea’s Bithumb accounting for 22.2% of the volume. Chinese exchanges OKCoin and Huobi take up 18.4% and 14.4%. The Coinbase-operated GDAX exchange remains just outside the top 3 remains the, with its LTC/USD offering capturing 10.3% of total trading.
As noted by CryptoCoinNews, Litecoin’s latest rally appears to have been prompted by a tweet from the cryptocurrency’s creator Charlie Lee. In that tweet he stated that he had the Lightning network-enabled Zap wallet installed and working on the Litecoin MainNet.
Litecoin has been working on implementing its own version of the Lightning Network since it activated the SegWit scaling update earlier this year and the tweet shows that it is making progress in that direction. With SegWit now activated on both Litecoin and Bitcoin, the implementation on the Lightning Network will pave the way for cross-network transaction swaps between the two digital currencies.
As of 09:56 BST, Litecoin was trading at $77.21 on GDAX. It is currently the fifth-largest cryptocurrency on the market.