Litecoin price (LTC/USD): Lightning Labs announces first off-chain swap between LTC and BTC

Litecoin pulls back on Friday after notching up a close above $70 in yesterday’s trading

Litecoin price (LTC/USD): Lightning Labs announces first off-chain swap between LTC and BTC

The Litecoin price rally has come to a halt in today’s trading, but the fifth-largest cryptocurrency still remains close to the $70 level it broke yesterday.

The cryptocurrency had a strong trading session on Thursday, with its price rising to $72.48, the highest level since September 8. Litecoin finished the session at $71.06, which was its first close above $70 since September 7.

Yesterday’s rally coincides with a major announcement from the Lightning Labs development team, which revealed that it had successfully swapped testnet Litecoin for testnet Bitcoin at a fixed rate of a fixed exchange rate of 100:1 LTC to BTC. The experiment marks the first Lightning cross-chain atomic swap between the two testnets.

“Previous atomic swaps that I have done were on-chain, and had the on-chain limitations of slow [transactions] and high transaction fees,” Litecoin creator said in a comment for Bitcoin Magazine. “Off-chain atomic swaps are significantly better. They are instant, [have] low fees, and better protect one’s privacy.”

The on-chain swaps Lee’s referring to took place in late September and did not utilised SegWit or the Lightning Network. Nevertheless, Lee’s experiments were seen at the time as an important milestone in the quest for making cross-chain atomic swaps a reality. With yesterday’s experiment, Lightning Labs has seemingly taken another big step toward realising that goal.

In today’s trading, the Litecoin price stood at $68.03, as of 14:50 GMT. The digital coin has gained 6.6% over the past 24 hours, according to data from cryptocurrency tracker Coinmarketcap.

For further information on how to buy and trade Litecoin, see our comprehensive Litecoin guide.

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