The sluggish cryptocurrency market was in for a surprise last week as the prices of all the major coins soared and the total market cap surpassed the psychological barrier of $120 billion mark. Litecoin [LTC] which is one of the popular altcoins reached the fourth position last week as its prices soared by nearly 30 percent. The price increase seemed to be related to the fact that the company is exploring the implementation of the Mimblewimble protocol. The Mimblewimble protocol contributes to the privacy of the blockchain. After weeks of relative calm, Bitcoin also witnessed a mild surge which saw it hold steady above the $3600 mark. BTC gained nearly $200 on Friday and is currently hovering around the $3650 mark. At the time of press, the market has stabilized and most of the coins are showing moderate gains barring a few which are trading in the red. LTC price was one of the best performers last week as it rallied above the $40.00 barrier against the US Dollar. At the time of press, LTC is trading at $44.42, up by 0.48 percent and the total market cap of the coin is at $2,683,402,440.
At the time of press, the support level for LTC stands at $30.650 and the digital asset is testing the key resistance at $44.820. Last week, the coin gained bullish momentum above the $40.00 resistance and it even broke the $45.00 resistance and traded to a new high of $46.93. If we take a closer look at the chart, we will find that the coin remains supported on dips above $40.00 and it could continue to move higher. The hourly RSI indicator stands at 47.8965 and the coin is neither overbought or oversold. The MACD shows that the coin is in the bullish zone and the 100 EMA line suggests an upward trend. And if there is an upward trend the price will retest the $45.00 and $46.00 levels.
At the time of print, LTC is up by 1.15 percent and one LTC is equivalent to 0.01215327 BTC.
One of the main reasons behind the current surge of Litecoin might be the fact the company is exploring possibilities to implement the Mimblewimble protocol. The protocol offers confidential transactions and helps the blockchain achieve true scalability.
As per Litecoin’s blog, “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.”
In another development last month, Binance launched stablecoin markets for Litecoin [LTC] and Tron [TRX]. The crypto exchange announced that it will open trading for LTC/TUSD, LTC/PAX, LTC/USDC, TRX/PAX, and TRX/USDC.
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