Litecoin price (LTC/USD) surges past $97 on Thursday afternoon

Litecoin price (LTC/USD) surges past $97 on Thursday afternoon

Litecoin saw some challenging trading on Wednesday morning, when its price fell to $77.50, matching its Tuesday low that had been the coin’s lowest price level since May 11. However, the coin managed to bounce back in the early afternoon, as its price experienced a big surge that allowed the coin to recapture, albeit temporarily, the $90 mark. The coin rose to as high a $93.05 on Wednesday, before pulling back to lower levels during the final hours of the session. Still, LTC finished the day at $89.81, well above its opening level of $79.41.

Litecoin retook the $90 mark during today’s morning session, when its price rose to a four-day high of $94.06. While the coin experienced a sharp drop in the early afternoon, it managed to recover in more recent trading. At the time of writing, the Litecoin price was hovering around the $97.60 mark, according to data from digital currency tracker Coinmarketcap.

Litecoin’s performance has been bolstered by the recent news that Binance Singapore has added support for Litecoin trading. The newest fiat-to-crypto exchange by Binance, which was launched earlier this month, now supports four digital currencies – Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB) and Litecoin – and trading in the Singapore dollar.

The Litecoin price has also been supported by expectations over the upcoming halving of mining rewards, which is scheduled for August 5. The event will reduce the reward for finding a block on the Litecoin network to 12.5 LTC, from 25 LTC, currently.

In today’s trading, the Litecoin price stood at $97.61, as of 15:59 BST. The digital coin has gained nearly 12% over the past 24 hours, Coinmarketcap data shows. This makes LTC the best performing digital currency in the crypto top 10 over that period. LTC’s total market cap currently stands at $6.1 billion.

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