Litecoin price (LTC/USD) breaks above $51 on Friday

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The Litecoin price (LTC/USD) has managed to reclaim the $50 mark after seeing significant gains over the past 24 hours.

Like some of its major crypto rivals, LTC saw a sharp increase in the early hours of yesterday’s trading, which lifted its price to an intraday high of $51.03. Initially, the coin couldn’t stay at these levels and quickly pulled back towards its opening level of $49.56. However, Litecoin was able to launch a stable advance in the afternoon session and eventually finished the session in the green. Litecoin closed the session at $50.27, notching up its first close above $50 in four days.

The coin’s advance continued in today’s trading, allowing LTC to secure a stable position above the $50 mark. The advance accelerated in the afternoon, with the coin’s price surging to a four-day high above the $51.30 mark. At the time of writing, the Litecoin price was hovering around the $51.40 level, according to data from digital currency tracker Coinmarketcap.

The rally appears to be supported by significant trading activity on Bithumb, South Korea’s largest crypto exchange. According to Coinmarketcap data, the trading platform has processed $190 million worth of LTC trades over the past 24 hours and currently quotes a $51.85 price for the cryptocurrency. Notably, Coinmarketcap has not included Bitcoin’s volume in its 24-hour volume total for LTC ($335 million), but it takes into account the exchange’s quoted price, which is higher than the market average.

In today’s trading, the Litecoin price stood at $51.41, as od 14:41 GMT. The digital coin has gained nearly 3% in the past 24 hours, Coinmarketcap data shows. The coin’s total market capitalisation currently stands at just over $3 billion.

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