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Litecoin Surges 32% in One Session, Also Pulls Other Cryptocurrencies Out of Red

February 09, 2019 14:11

In last trading session Litecoin has turned out to be a massive game changer for cryptocurrency market. Not only it has gained as much as 32% in its own value but also it has pulled the other bleeding cryptocurrency out of red.

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If you observe the cryptocurrency market regularly, you might’ve seen already how TRON has outperformed crypto market by a huge margin ever since the beginning of this year. However, if you’re a critic of TRON and are done already with all the ‘hype’, then here comes one more cryptocurrency which seems to be showing the signs of a trend reversal since yesterday. We’re talking about Litecoin, which has surged as much as 32% over the period of last 24hrs and has also left a positive impact on the price of other cryptocurrencies.

Yesterday Litecoin surged to a price of $37 after breaking below the psychological level of $30 last month. At the time of writing this article it’s trading at $45, up about 32% from previous trading session. Last year it had made a low of $22, which was 93% down from its all time high of $334 in January 2018. Now it looks like the cryptocurrency founded by Charlie Lee is set to go on a roller coaster ride once again. The higher leap came yesterday after the news of Litecoin Foundation and software development firm Beam (which also has its own cryptocurrency) announced a partnership to explore the possible implementation of Mimblewimble in Litecoin network. The implementation aims to achieve greater privacy and scalability. Beam wrote in a Medium post:

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“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.”

Mimblewimble protocol, if implemented, will allow Litecoin users to encrypt all data related to any transaction. In order to implement it a hard fork will be required. Litecoin Foundation wrote in its announcement regarding the collaboration with Beam:

“Lee has previously mentioned in various conversations his interest and hesitation with MimbleWimble but had hoped that the community would adopt the change if it proved to be a worthwhile upgrade to the network.”

With the surge that followed this announcement, Litecoin’s market cap surpassed that of Bitcoin Cash, EOS and many others, thus making it 4th largest cryptocurrency out there. The impact was also visible on other cryptocurrencies which surround it in the list. Ethereum, for example, is up 12.95% at the time of writing this article, trading at $119.57. Similarly, XRP, EOS and Bitcoin Cash are also up 6.49%, 16.58% and 10.88%, respectively, trading at $0.31, $2.76 and $129.17. And Bitcoin – the king of kingdom – is also up 7.78%, trading at $3,678 at the time of writing.

Major cryptos
Major cryptocurrencies in green on 9th of Feb. Source: CoinMarketCap

Let’s see how things go after the weekend.

Technology and business were my core interests, so it wasn't surprising that I got interested in cryptocurrencies, which operate at the intersection of both these things. Now I live my passion by trading cryptocurrencies and covering Cryptocurrency news. You can connect with me on Facebook to learn more about me. :)

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