Photo: QuoteInspector
On Friday, February February 8, and the overall market made a much-needed relief recovery. However, the start of the show was posting a massive 30% recovery in a single day. At the press time, is at a price of $43.72 with a market cap of $2.63 billion. Friday’s recovery has helped reclaim its position in the top five digital currencies after slipping down last year.
This massive price recovery also gives huge relief to LTC investors as the lost over 90% in 2018 bearish year. Earlier during the 2017 bull run, had surged to hit its all-time high of $350.
Cooperation Between the Litecoin Foundation and Beam
One of the major reasons behind ’s price surge is the of the cooperation between the Foundation and Beam. The foundation is seeking help and expertise of Beam to implement the Mimblewimble protocol on the network through Extension Blocks.
Since long, Beam is working on improving privacy in the sector while promoting the Mimblewimble protocol. The company explains:
“We have exploration towards adding privacy and fungibility to 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.”
It added:
“Upon such conversion, it will be possible to transact with Mimblewimble LTC in complete confidentiality.”
Since the beginning of 2019, developers have shown their intent on implementing Confidential Transactions and Mimblewimble. These solutions were initially developed for the network back in July 2016.
But with and networks having a similar structure, LTC developers are also able to work with it. Last month, founder Charlie Lee tweeted that the LTC community is actively working to complete the implementation of Confidential Transactions by end of 2019.
Fungibility is the only property of sound money that is missing from & . Now that the scaling debate is behind us, the next battleground will be on fungibility and privacy.
I am now focused on making more fungible by adding Confidential Transactions. 🚀
— Charlie Lee [LTC⚡] (@SatoshiLite)
Charlie Lee further added:
“ dev team spent hours discussing how to add Confidential Transactions. The way to do a softfork CT is very similar to doing extension blocks and extension blk may be simpler and can do a lot more”.
Analyst Views On Recent Rally
Many of the popular analysts claim that despite the jump to $43, LTC is facing crucial resistance at these levels. Crytpo analyst The Crypto Dog said that he is offloading his LTC at $43 before taking further long positions. The Crypto Dog said that LTC is lacking enough volumes to further pull it northwards.
This could be a lot nicer
— The Crypto Dog📈 (@TheCryptoDog)
Another popular crypto analyst Don Alt noted that LTC/ is nearing its resistance at 0.015 , that is slightly higher that LTC’s current price of 0.0117 .
There she goes.
One more resistance to break and then the sky will be clear.
I’m rarely ultra bullish at resistance but when the chart looks that nice it’s the way to go.— DonAlt (@CryptoDonAlt)
Last week on February 4, a tweet from Moon Overload showed that LTC was heading for $50. Here’s what he said.
Targeting around $50 for | on high TFs
— Moon Overlord (@MoonOverlord)
It will be interesting to see where does LTC go from here onwards.
Published at Sat, 09 Feb 2019 09:40:02 +0000
