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Litecoin has long been a pillar of the cryptographic sphere. It exists since 2011, when it was created from the original Bitcoin chain. Along with his older brother, he has gradually developed as a faster and lighter alternative. However, in the last 24 hours, Litecoin has literally taken off with a 30% increase, which has earned it spread across the market capitalization charts.
New partnership to improve the bedecoin
The entire cryptography market has experienced a rare pump overnight: $ 10 billion has been reinvested in digital badets after a week of losses. This is not to say that the bear market is over, far from it because we have already seen this action and the bears could soon regain control. The technical indicators are still reporting new losses for Bitcoin and his brothers in the coming months.
The most efficient altcoin during this cryptographic transfer is the litecoin. The strong performance is fundamental as the Beam software company recently announced a partnership with the Litecoin Foundation. The collaboration will explore the use of Litecoin's Mimblewimble protocol, which takes its name from the Harry Potter series. It's a spell that keeps people from revealing secrets. This is how the name was bestowed because its purpose is to improve privacy, scalability and fungibility. The average Beam post added;
"We have begun to explore the possibility of adding privacy and fungibility to Litecoin by enabling the conversion of a normal LTC into a LTC Mimblewimble variant and vice versa. During this conversion, it will be possible to treat with Mimblewimble LTC in all confidentiality ",
If Litecoin were to adopt the protocol that allows users to encrypt transaction data, a hard range would be needed. The appearance of fungibility would allow equivalent tokens to be interchangeable without losses. Charlie Lee posted this tweet last month on the need for such a project;
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
Market reaction
Litecoin's performance over the past 24 hours has been impressive. It has gone from a minimum of just over $ 33 in intraday to under $ 44, which translates into a 33% increase. Since then, LTC has declined slightly to trade at $ 42.30, where it was currently at the time of writing.
Daily volume increased from $ 635 million to $ 1.7 billion, injecting more than $ 500 million into the market capitalization of LTCs. This allowed Litecoin to climb the charts and reverse both Bitcoin Cash and EOS to take fourth place with a current market capitalization of $ 2.6 billion. So far this year, Litecoin is one of the most successful crypto-currencies alongside Tron and Binance Coin.
Litecoin also needs to be halved this year on Aug. 8, bringing the lump sum premium from 25 to 12.5 LTC. The halving of events is generally very optimistic for cryptographic badets, as they become less inflationary as the value increases.
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