Litecoin prices increased to 30% in a very short span. The Litecoin which is more similar to bitcoin has reached $45.12 which is approximately up by 32.12% as per the coinmarketcap value.
With this robust increase, Litecoin is on the fourth position surpassing rivals Bitcoin cash and EOS. According to the coinmarketcap value, Litecoin was on seventh position as of February 3. Also on February 6, it was on sixth position.
This heap is after the announcement of Litecoin Foundation and Beam working together to explore whether LTC should implement the protocol Mimblewimble. This aims to improve privacy and scalability. Beam writes in a Medium post saying
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.
MimbleWimble allows its users to encrypt the data with respect to the transaction made on cryptocurrency network. The Litecoin Foundation blogpost revealed that
Lee has previously mentioned in various conversations his interest and hesitation with MimbleWimble. But, had hoped that the community would adopt the change if it proved to be a worthwhile upgrade to the network.
Also, the MimbleWimble implementation will help Litecoin Foundation’s ambition of making LTC more fungible. This means one LTC, or a smaller denomination, should be able to switch for another without loss of value.
Litecoin 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. We are now also exploring doing bulletproof MimbleWimble w/ extension blks. pic.twitter.com/ePBh8PKNu8
— Charlie Lee [LTC⚡] (@SatoshiLite) February 3, 2019
The Bitcoin price gradually fell since it hit an all-time high of almost $20,000 in December 2017. Hence, forcing many bitcoin, cryptocurrency and blockchain startups to slash jobs or shut down entirely.
The digital currency roughly fell to $23 in December 2018, after reaching a high value of more than $375 in the same month the previous year.