The Litecoin price (LTC/USD) has seen some strong gains in today’s trading, which could be an indication that a new uptrend is forming for the “silver to Bitcoin’s gold”.
According to cryptocurrency tracker Coinmarketcap, Litecoin is currently trading around $54, significantly higher than the yesterday close of $50.89. The data shows that the fifth-largest cryptocurrency on the market has risen nearly 7% over the past 24 hours, which is the third-largest gain in the top 10 in that period (behind BitConnect’s 9% and Bitcoin’s 8.6% gains).
The market activity continues to be less than impressive, though, with Litecoin’s 24-hour trading volume hovering around $100 million. The Hong Kong-based cryptocurrency exchange Bitfinex accounts for 17% of that volume, while South Korea’s Bithumb captures 14.1%. The US-based trading platform GDAX, which is operated by Coinbase, accounts for about 10% of the volume.
Like most of its peers, the Litecoin suffered a heavy blow after China decided to ban initial coin offerings and shut down domestic cryptocurrency exchange trading last month. Since then the fifth-largest cryptocurrency exchange on the market has struggled to return above $55. Judging by the current momentum, Litecoin may be very close to overcoming this obstacle.
In today’s trading, the Litecoin price stood $53.89, as of 14:27 BST. The cryptocurrency has gained 6.6% over the past 24 hours. Its total market capitalisation currently stands at $2.87 billion.
For further information on how to buy and trade Litecoin, see our comprehensive Litecoin guide.