Why Did Litecoin (LTC) Cryptocurrency Price Skyrocket 40% in Just 3 Days?

Litecoin, currently the fourth largest virtual currency in the market has experienced an incredible price increase of around 40% in the last seven days. Although Litecoin was traded around $33 for a few weeks, the virtual currency skyrocketed and helped the whole market grow as well.

What generated this sudden price increase in Litecoin? There are two main reasons regarding this situation. The first one is that both the Litecoin Foundation and Beam announced that they are starting new cooperation to implement Mimblewimble via Extension Blocks on Litecoin.

The Mimblewimble protocol aims at improving privacy in the cryptocurrency space. The intention is to now offer privacy and fungibility to Litecoin allowing on-chain conversion of regular LTC into a Mimblewimble variant of LTC and vice versa. Thus, it will be possible to transact using Mimblewimble LTC in complete confidentiality.

Charlie Lee, the founder of Litecoin, confirmed on Twitter that they have been chatting with Beam in order to improve Litecoin’s privacy features.

Earlier in January 2019, Lee wrote that Fungibility was the only property of sound money that is missing from Bitcoin and Litecoin. This is why he decided to leave the scaling debate behind and start focusing on fungibility and privacy. This is why he stated that they will be working in order to add Confidential Transactions (CT) to Litecoin.

“I am now focused on making Litecoin more fungible by adding Confidential Transactions.”

The implementation of privacy features on Litecoin should be ready this year through a soft fork, as Charlie Lee explained on Twitter. However, at that moment, he mentioned that it is too hard to implement Mimblewimble because it changes the blockchain too much and it requires a hard fork

The second reason why Litecoin grew so much during the last days is not related to Litecoin itself. Indeed, this has also influenced other virtual currencies to grow. Robert J. Jackson Jr., a commissioner at the U.S. Securities and Exchange Commission (SEC) said that he believes that an exchange-traded fund (ETF) will ultimately be approved.

During the last few years, several Bitcoin ETF proposals were made to the SEC, but none of them was approved. Indeed, the Cboe, VanEck and SolidX withdrew their proposal just a few weeks ago due to the government shutdown. Now, it was presented again and could be approved in 2019.

Due to these comments, the whole cryptocurrency market started to grow once again. Bitcoin (BTC) grew around 8% after this information spread across the internet.

In December 2018, Litecoin was traded around $23, reaching its lowest point in more than a year. After it, it started to grow and hit $45 on February 9. This represents a price increase of almost 100% in just two months.

On February 8, Litecoin was traded around $33 and it skyrocketed 36% in just a few hours to reach $45. From February 6, Litecoin grew over 40%.

At the time of writing this article, Litecoin is the fourth largest digital asset with a market capitalization of $2.65 billion. Each LTC coin can be now purchased for almost $44. In the last 24 hours, Litecoin lost 1.23% of its value.

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