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Litecoin Price Shows Stability After The 30% Spike

ยท 09 Feb 2019 in Breaking, Crypto News
Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

Litecoin (LTC), one of the most popular digital assets in the market, has reached the fourth largest position in the market. This price increase seems to be related to the fact that Charlie Lee, the founder of Litecoin, is talking with the team behind MimbleWimble to implement privacy features on Litecoin.

Litecoin Skyrockets 30% In Less Than a Day

Litecoin has skyrocketed 30% in just 24 hours according to CoinMarketCap. The popular virtual currency, that was traded during the last six months between the 6th and 9th position is now the fourth largest digital asset.

The cryptocurrency moved from $33 to $43 in just a few hours, reaching a top value of $45.86. Its market capitalization has also grown from $2 billion up to $2.65 billion. Some analysts are suggesting that the current bear market could have ended. Litecoin was not the only digital asset that grew in the last 24 hours. All the top 100 virtual currencies are registering price increases.

The Reasons Behind Litecoin’s Growth

There are two reasons that helped Litecoin register such a large price increase. The first thing is related to a comment that Charlie Lee, Litecoin’s creator, made. A few days ago, Charlie Lee tweeted that the team has been talking with the Beam Privacy team. Beam Privacy is in charge of the MimbleWimble implementation.

This comes just a few weeks after Lee announced that they are working on fungibility implementations. The main intention was to add Confidential Transactions. At that time, Lee said that it might be difficult to implement MimbleWimble.

However, there is another positive thing that helped the crypto market grow as a whole. Robert J. Jackson Jr, a commissioner at the U.S. Securities and Exchange Commission (SEC), said in a recent interview that the approval of a Bitcoin exchange-traded fund (ETF) is just only a matter of time. Several market participants have been proposing different Bitcoin ETFs during the last years. None of them was able to receive the approval of the SEC.

Just a few weeks ago, Cboe and VanEck withdrew their application due to the government shutdown. Now it is a matter of time before an ETF is approved.

Bitcoin (BTC), the most important virtual currency in the market, is currently being traded around 3,670. In the last 24 hours, the digital asset grew 8%. At the moment it has a market capitalization of $64.36 billion. In total, the cryptocurrency market gained $10 Billion in a 24h range. 

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