Litecoin [LTC] skyrockets past EOS [EOS], Bitcoin Cash [BCH]
Litecoin [LTC] prices are skyrocketing. The cryptocurrency has witnessed a wild upswing today and soared 12% against USD. The crypto coin jumped two ranks overtaking Bitcoin cash [BCH] and EOS [EOS]. LTC has become the fourth largest cryptocurrency by market cap. The crypto asset is currently trading with a market cap of $7.27 billion.
The cryptocurrency prices are riding a steep uphill. LTC prices found support at $32.61 in today’s trading session. Following the onset of a massive seller pressure, the cryptocurrency prices soar and have begun to trade around $37. The rise seems to be stopped short by a mild seller pressure at $37.26. The next resistance level for the coin can be traced at $39.
The MACD levels of the coin suggest that the coin is trading with bullish momentum. The hourly RSI is signifying that the coin prices are heavily overbought. The 100 EMA line traced at $33.27 is showing an uptrend for the prices. At the time of writing, the digital asset is exchanging hands at $37.38 and rising against USD by 13%.
Adding privacy to Litecoin
Litecoin’s current performance in the market is attributed to the company exploring the implementation of the Mimblewimble protocol. The Mimblewimble protocol contributes to the privacy of the blockchain. The Grin project is an implementation of the Mimblewimble protocol. The protocol offers confidential transactions and helps the blockchain achieve true scalability.
“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,” reads the Litecoin blog.
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