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Litecoin Breaks Into Top Five Crypto Ranks Jumping 30% in Single Day

Originally published on: CoinSpeaker
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February 09, 2019

Photo: QuoteInspector

Photo: QuoteInspector

On Friday, February February 8, Bitcoin and the overall cryptocurrency market made a much-needed relief recovery. However, the start of the show was Litecoin posting a massive 30% recovery in a single day. At the press time, Litecoin (LTC) is trading at a price of $43.72 with a market cap of $2.63 billion. Friday’s recovery has helped Litecoin reclaim its position in the top five digital currencies after slipping down last year.

This massive price recovery also gives huge relief to LTC investors as the cryptocurrency lost over 90% in 2018 bearish year. Earlier during the 2017 bull run, Litecoin had surged to hit its all-time high of $350.

Cooperation Between the Litecoin Foundation and Beam

One of the major reasons behind Litecoin’s price surge is the announcement of the cooperation between the Litecoin Foundation and Beam. The Litecoin foundation is seeking help and expertise of Beam to implement the Mimblewimble protocol on the Litecoin network through Extension Blocks.

Since long, Beam is working on improving privacy in the cryptocurrency sector while promoting the Mimblewimble protocol. The company explains:

“We have started exploration towards adding privacy and fungibility to Litecoin by allowing on-chain conversion of regular LTC into a Mimblewimble variant of LTC and vice versa. Upon such conversion, it will be possible to transact with Mimblewimble LTC in complete confidentiality.”

It added:

“Upon such conversion, it will be possible to transact with Mimblewimble LTC in complete confidentiality.”

Since the beginning of 2019, Litecoin developers have shown their intent on implementing Confidential Transactions and Mimblewimble. These solutions were initially developed for the Bitcoin blockchain network back in July 2016.

But with Litecoin and Bitcoin networks having a similar structure, LTC developers are also able to work with it. Last month, Litecoin founder Charlie Lee tweeted that the LTC community is actively working to complete the implementation of Confidential Transactions by end of 2019.

Charlie Lee further added:

“Litecoin dev team spent hours discussing how to add Confidential Transactions. The way to do a softfork CT is very similar to doing extension blocks and extension blk may be simpler and can do a lot more”.

Analyst Views On Recent Rally

Many of the popular cryptocurrency analysts claim that despite the jump to $43, LTC is facing crucial resistance at these levels. Crytpo analyst The Crypto Dog said that he is offloading his LTC at $43 before taking further long positions. The Crypto Dog said that LTC is lacking enough volumes to further pull it northwards.

Another popular crypto analyst Don Alt noted that LTC/BTC is nearing its resistance at 0.015 BTC, that is slightly higher that LTC’s current price of 0.0117 BTC.

Last week on February 4, a tweet from Moon Overload showed that LTC was heading for $50. Here’s what he said.

It will be interesting to see where does LTC go from here onwards.

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