The Litecoin price (LTC/USD) has seen a notable correction following its surge to over one-year highs on Wednesday.
The fourth-largest digital currency enjoyed some strong trading yesterday, which allowed its price to break above the $140 mark for the first time in over a year. The coin initially topped the level during the opening hours of the session, when its price rose to as high as $140.70. However, this initial spell above $140 did not last long, as the coin the spent the rest of the morning session moving on a downward trajectory.
Litecoin experienced an even bigger surge during the afternoon, which sent its price to an intraday high of $142.71. This was also Litecoin’s highest price level since May 15, 2018. However, the digital currency once again failed to sustain trading at those levels and pulled back toward the low $130 area. The coin fell to as low as $132.24, before finishing the session at $135.65.
LTC has been trading mostly sideways since the start of today’s session, hovering around the level of its Wednesday close. At the time of writing, the Litecoin price was hovering around the $136 mark, according to data from digital currency tracker Coinmarketcap.
Even with the most recent pull-back, Litecoin has been one of the best performing digital currencies in recent months. Over the past week alone, the coin has gained over 30%. Litecoin is up more than 300% year to date.
The main driver for LTC’s rally is likely excitement over the upcoming halving of mining rewards, which is scheduled for August 6.
In today’s trading, the Litecoin price stood at $135.41, as of 14:47 BST. The digital coin has lost 2.4% of its value in the past 24 hours, Coinmarketcap data shows. The coin’s total market capitalisation currently stands at $8.4 billion.
Featured image: Wit Olszewski / Shutterstock.com
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