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Litecoin Improvements Allow It To Double In Value In 2019
After a tough 2018, Litecoin (LTC) seems to be improving and becoming a better digital currency. Since its lowest point in more than a year at the end of 2018, Litecoin more than doubled its value. In December 2018, Litecoin was traded around $23, now it was close to reaching $60.
Litecoin Improvements Allow It To Expand
Litecoin is one of the oldest virtual currencies operating in the market and has been one of the most popular digital assets as well. However, due to the bear market and the surge of new digital currencies, Litecoin has been underreported and has also been under the radar for investors and crypto enthusiasts.
Nevertheless, things seem to be changing. Litecoin has almost doubled its value in 2019 and has more than doubled it since it reached $23 in December 2018. The Litecoin Foundation has started the year convinced in creating a better Litecoin for the future.
Since Litecoin reached its all-time high in December 2017 ($375), it lost more than 90% of its value. Due to this situation, the digital currency entered an oversold condition, similar to what other digital assets experienced during the last months. Bitcoin (BTC) has also fallen more than 80% since its all-time high.
There were some positive advancements for Litecoin during the last few months. Some of them include the Lightning Network (LN). Others are related to enhanced privacy and new projects in the space. Litecoin Core 0.17.1 is going to be released very soon. This improvement will be reducing network fees 10X, among other things.
Litecoin’s Founder, Charlie Lee, announced that he wants to make Litecoin more relevant. He said that Fungibility is the only property of sound money that is missing from Bitcoin and also from Litecoin. Thus, as the scaling debate is already something that is being developed, privacy and fungibility are topics that must receive answers.
“I am now focused on making Litecoin more fungible by adding Confidential Transactions,” he mentioned.
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
In order to implement these Confidential Transactions, it would be necessary to implement a soft fork. They are also exploring doing bulletproof MimbleWimble using extension bulks.
At the time of writing this article, Litecoin is the fourth largest digital asset in the market. It has surpassed EOS, Bitcoin Cash (BCH) and Stellar Lumens (XLM) in order to reach this position. There are only three digital assets that are more valuable than Litecoin: Bitcoin, Ethereum (ETH) and XRP.
Each LTC can be purchased for over $55 and it has a market capitalization of $3.36 billion.