Litecoin Surges 10%, Becomes the 4th Largest Cryptocurrency

Litecoin has now surpassed EOS and Bitcoin Cash (BCH) to become the 4th largest Cryptocurrency

Litecoin (LTC) is pumping hard today after the addition of privacy features was announced yesterday. LTC has surged over 10% in the past 24 hours and is currently the 4 largest Cryptocurrency on Coinmarketcap with a market cap of @2.22 Billion.

Litecoin’s momentum has stalled a bit in the past two days where it was trading between $31 and $34. But today in an astronomical rise LTC almost reached $38. As you can see in the chart, in a single candle LTC increased by over 9% as volumes soared to the highest levels in 2019.

According to Coinmarketcap, Litecoin’s 24-hour trading volume has surpassed $900 Million which is the highest volume in a single day since March last year. A whopping $65.6 Million in trading volume comes via LTC/BTC pairs from a relatively unknown exchange Coineal followed by $60.5 Million and $54.7 Million from OKeX and Digifinex respectively.

Privacy Features, Hollywood and UFC

Litecoin is making advances both on the technology and marketing fronts. Litecoin foundation began the year with a bang by sponsoring the UFC 232 event. Then came the announcement that the Litecoin foundation is also sponsoring the Mammoth film festival which stars famous names such as Logan Paul, Olivia Munn, and King Bach.

On the technology front, Litecoin is taking huge steps in introducing privacy features into the Blockchain. Litecoin foundation revealed yesterday in a blog post that they will be cooperating with the mimblewimble implementation Beam.

Beam has its own protocol which leverages mimblewimble technology to add privacy features in the transactions. They plan to add privacy to Litecoin through extension blocks where users will be able to significantly increase privacy in transactions.

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.

Interesting developments are happening in Litecoin, stay tuned for more Litecoin news from Blockmanity.

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