- Litecoin (LTC) has surged 20 percent in the past 24 hours
- Litecoin to introduce privacy-oriented features
- Crypto industry market cap rose from $114 billion to $121 billion on Friday
Litecoin (LTC) has emerged as one of the biggest gainers of the past week. The cryptocurrency experienced a sudden spike in value from $33 on February 8, 2019, to $45.44 on February 9, 2019, an increase of almost 20 percent.
The worldwide crypto markets received some respite yesterday as charts took a turn towards green pastures. The crypto industry market cap has risen by almost 7 percent in the past 24 hours, from $114 billion to $121 billion.
Major cryptocurrencies such as Bitcoin (BTC), Ether (ETH), XRP, Bitcoin Cash (BCH), and Litecoin (LTC) recorded considerable gains in their market price and trading volume. Bitcoin was able to break through the major resistance level of $3600 and is trading at $3667 at the time of writing. Ether rose from sub-100 figures and is now hovering around the $120 mark at $119.38.
However, Litecoin emerged as the top gainer from the ongoing mini-rally. The coin has surged nearly 20 percent in value on the back of recent developments in the LTC community.
Litecoin to Become Privacy-Oriented
Privacy has always been a matter of much debate in the crypto industry. Top privacy-centric digital currencies like Monero (XMR) and Zcash (ZEC) have emerged as the favorites among people who prefer to remain anonymous while doing transactions online.
However, if recent developments are anything to go by, Litecoin looks poised to implement the MimbleWimble protocol to enhance the token’s fungibility, privacy, and scalability.
Charlie Lee, the founder of the LTC community, tweeted on January 28, 2019, stating that the characteristic of “fungibility is the only property of sound money that is missing from Bitcoin & Litecoin.” He added that henceforth he will be focusing more on the privacy feature of Litecoin.
Fungibility is the only property of sound money that is missing from Bitcoin & Litecoin. Now that the scaling debate is behind us, the next battleground will be on fungibility and privacy.
I am now focused on making Litecoin more fungible by adding Confidential Transactions. 🚀
— Charlie Lee [LTC⚡] (@SatoshiLite) January 28, 2019
MimbleWimble is a blockchain-based protocol that allows for private crypto transactions between parties which cannot be tracked or identified by any third party. In a private transaction, only the involved parties are able to tell the amount that was traded.
As reported by BlockchainReporter on January 15, 2019, the team at Litecoin also won the “innovative blockchain project of the year” award at World Economic Forum: Shenzen.
At the time of press, LTC sits on the fourth position on CoinMarketCap table, trading at $44 with a total market cap of 2.7 billion.