Litecoin (LTC), the sixth-largest cryptocurrency in the market surged by over 5.85% in the last 24 hours. In this way, Litecoin became the fastest growing cryptocurrency among the top 19.
At the moment, there is no clear reason why Litecoin experienced this price surge. Nevertheless, other cryptocurrencies are also experiencing gains.
Litecoin Surges By 5.85%
During the last few days, the Litecoin community was focused on the Litecoin Summit in Las Vegas in which the former Republican congressman Ron Paul was a keynote speaker.
At the same time, Charlie Lee, the founder of Litecoin, updated the whole community about the upcoming update related to MimbleWimble that would provide Litecoin with fungibility and privacy.
UseTheBitcoin reported a few days ago that Charlie Lee informed that their decision to introduce privacy features to Litecoin was in order to make it more fungible.
About it, Charlie Lee commented:
“I see it less about privacy and more about fungibility. In order for Bitcoin and Litecoin to be useful money, they have to be fungible. Whichever Bitcoin or Litecoin you spend should be equal to any other coin you have.”
It will be very interesting to see how Litecoin is going to be implementing MimbleWimble and the extension blocks and how it is expected to affect the performance of this cryptocurrency.
According to data provided by Coinbase, Litecoin is now being traded close to $62.02, representing a price increase of almost 32% compared to October 23 when it was traded close to $47.
Indeed, Litecoin followed Bitcoin’s price trend since that moment until the last few hours in which this cryptocurrency surged by over 5.8%.
CoinMarketCap shows that Bitcoin is currently being traded slightly under $9,300 and it has a market capitalization of $167.58 billion, much larger than the $3.91 billion market cap that Litecoin currently has.
There are three cryptocurrencies that are registering losses among the top 20, including Bitcoin SV (BSV) falling by 0.62%, Monero (XMR) (-1.2%) and IOTA (-0.38%).
Cosmos (ATOM), the 19th largest cryptocurrency in the market, is growing by 6.3% an increase that surpasses Litecoin’s one. However, ATOM has a market capitalization of $681 million and a price per coin of $3.57.