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Litecoin Spikes 10 Percent, Getting to Be #4 Among Top Ten Due to Dev Community’s Activity

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Fri, 02/08/2019 - 17:17
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Yuri Molchan
Litecoin (LTC) rose by over 10 percent during the past several hours adding in value from $33 to $38 and got to become coin #4 on the top ten list of virtual assets
Litecoin Spikes 10 Percent, Getting to Be #4 Among Top Ten Due to Dev Community’s Activity
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By jumping ahead, Litecoin (LTC) has outperformed EOS, which previously had been holding to spot #4.

The LTC advance in question has been the result of the recent updates that the community of open-source devs has come up with recently, working to improve scaling of LTC and implement some new privacy technologies, i.e. Mimblewimble and Confidential Transactions.

Developers’ work pushes LTC upwards

The Litecoin dev team has been busy working on Confidential Transactions and Mimblewhimble. These two solutions were first of all created for the Bitcoin platform in summer 2016.

The fact that the protocols of LTC and BTC are the same in many ways, has let LTC devs experiment with applying the two aforementioned solutions to the Litecoin network.

In January, the LTC founder Charlie Lee mentioned that the community of Litecoin devs intends to launch Confidential Transactions by the time 2019 is over.

The two aforementioned technologies are focused on privacy and let LTC user conduct payments without having to disclose themselves.

Experts believe that the Litecoin short-term price value has increased in particularly due to the work of LTC developers on the implementation of the new privacy features.

Analysts reckon that LTC may recover its former price level of $50 within a short time period and maintain the momentum.

Current LTC stance

Presently, LTC is going for $39.73. Its market cap totals $1 203 620 139. At the time of writing, LTC is demonstrating a rise by nearly 20 percent.

Current LTC stance

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.