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The value of the Litecoin (LTC) has increased by more than 10% over the last three hours, from 33 to 38 dollars, becoming the 4th currency in the global cryptography market.
EOS, which has imposed itself as the 4th largest cryptocurrency behind Bitcoin, Ripple and Ethereum since 2018, has been overtaken by Litecoin.
Litecoin prices by TradingView
The surge in Litecoin's value comes at a time when its community of open-source developers has made significant progress in implementing sizing and privacy solutions such as Confidential Transactions and Mimblewimble.
Why the activity of the developers was essential: indicator of the growth of crypto
Since the beginning of January, Litecoin's developers have focused on the implementation of Confidential Transactions and Mimblewimble, solutions originally developed for the Bitcoin blockchain network in July 2016.
The similarity of the Litecoin and Bitcoin structure has allowed Litecoin's developers to experiment with both solutions in a relatively short time.
Charlie Lee, the creator of Litecoin, said last month that the Litecoin community would be dedicated to completing the implementation of confidential transactions by the end of 2019.
Fungibility is the only property of the healthy money that Bitcoin & Litecoin lacks. Now that the debate on scale is behind us, the next battleground will be fungibility and privacy.
I am now looking to make Litecoin more fungible by adding confidential transactions. ?
– Charlie Lee [LTC⚡] (@SatoshiLite) January 28, 2019
"The Litecoin development team has spent hours discussing how to add confidential transactions. The way to make a softfork CT is very similar to that of extension blocks and the blk extension can be simpler and can do a lot more, "Lee said.
Confidential and Mimblewimble transactions are privacy-based features that allow users to send and receive payments without revealing their identity.
Because transactions are processed with less data to protect user identities and addresses, Confidential and Mimblewimble transactions are inherently smaller, which enhances the Litecoin network's transaction capacity and privacy.
Already, less than two weeks after Lee and the rest of the Litecoin developer community announced plans to finalize the implementation of confidential transactions by the end of the year, the community had started working on Mimblewimble.
A Litecoin column reads as follows:
We began to explore the possibility of adding confidentiality and fungibility to Litecoin by allowing the conversion of a normal LTC into a Mimblewimble variant of the LTC and vice versa. During this conversion, it will be possible to deal with Mimblewimble LTC confidentially.
Our common intention is to publish any work done under the project under a permissive open source license, so that the community benefits. "
Source: NCC Marketcap.
The increase in the activity of developers in the Litecoin community has been key to the success of the short-term price trend of dependency.
In the middle of 2017, JP Vergne, a professor at Ivey Business School, discovered in a study that the best indicator of the trend of cryptographic badet prices is the developer activity surrounding the blockchain on which the 39, active is based.
"We found that the best predictor of the exchange rate of a cryptocurrency is the amount of activity of the developers around it." – @PirateOrg
– Jameson Lopp (@lopp) July 5, 2017
While the cryptography industry has experienced the worst bear market in its history since January 2018, due to several factors, including the tightening of funding for startups and teams, the development activity of many blockchain projects has significantly decreased.
Meltem Demirors, a CoinShares executive, wrote in a report released in November:
On the issuers' side, many cryptographic projects that raise funds through an ICO face enormous challenges in remaining relevant and creating a real goal. This happens when you do not have a real financial function and, unfortunately, crypto finance is still fuzzy and indefinite.
However, the main cryptographic badets such as Bitcoin, Ethereum and Litecoin have continued to demonstrate development progress in many areas, including scale-up, confidentiality and fungibility, laying the foundation for the next wave of decentralized users and applications.
Can litecoin support this dynamic?
On Feb. 3, a cryptocurrency badyst with an online alias "Moon Overlord" suggested that the price of the LTC could go back to $ 50 in a relatively short time.
Target around $ 50 for $ LTC | $ LTCUSD on the high TF pic.twitter.com/ZMJDe1PAc0
– Lord of the Moon (@MoonOverlord) February 3, 2019
Given that the main technical and fundamental indicators remain important for the main cryptocurrency, badysts expect badets to maintain momentum in the near term.
Click here for a table of prices in Litecoin in real time.
Featured image of Shutterstock. TradingView Price Charts.
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