The Litecoin price (LTC/USD) has surged in today’s trading, propelling LTC to the position of the forth-largest digital coin.
The digital currency enjoyed positive trading session yesterday, with its price rising by as much as 2% in the morning to an intraday high of $33.59. The coin was able to retain most of its gains in the afternoon and finished the session at $33.22.
LTC had a positive star to today’s trading, with its price advancing gradually towards the $34 level. After topping that level, the coin experienced a sharp surge that sent its price above the $37 mark for the first time in nearly a month. The coin eventually rose to $38.14, which was its highest level since January 10. It has pulled back to slightly lower levels in recent trading and is currently hovering around the $37.80 mark.
Even after the pull-back, Litecoin remains by far the best performer in the currency top 10 and has now gained more than 10% over the past 24 hours. The monster gain has allowed LTC to surpass crypto rivals EOS and Bitcoin Cash (BCH) in terms of market captalisation, even though these coins have enjoyed solid gains of their own. Litecoin’s rally has been supported by big increase in trading volume, with recent data showing that nearly $1 billion worth of LTC tokens have changed hands over the past 24 hours.
The rally follows news that the Litecoin Foundation has approached blockchain start-up Beam regarding the possible implementation of the privacy-focused Mimblewimble protocol.
“The Litecoin Foundation has approached Beam about possible cooperation to implement Mimblewimble via Extension Blocks on Litecoin,” Beam wrote yesterday in a blog post. “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.”
In today’s trading, the Litecoin price stood at $33.88, as of 12:29 GMT. The digital coin has gained 13.2% in the past 24 hours, according to data from digital currency tracker Coinmarketcap.