Litecoin (LTC) Soaring in the Crypto Markets, Up 11% in 3 Hrs and Edges out EOS

The last three hours have been an exciting time for Litecoin (LTC) in the crypto markets. The digital asset has managed to increase in value from around $34 to current levels of $37.94 according to Coinmarketcap.com. This is a percentage increment of 11.5% in a very short time period.

LTC edges out EOS from the Number 4 Spot

Checking Coinmarketcap.com once again, LTC has edged out EOS from the number 4 spot. Approximately $72 Million in market capitalization separate the two digital assets.

Further looking at the King of Crypto, the value of BTC has steadily risen from ominous levels seen only yesterday that were below $3,400. Bitcoin is currently valued at $3,448. Many traders are optimistic of an exciting Friday for all digital assets in the markets.

2 Reasons Why LTC is Exhibiting Impressive Gains

To begin with, the Litecoin halving event that has been estimated to occur the 8th of August this year is meant to decrease the mining reward by half. Rather than getting 25 LTC for each block mined, Litecoin miners will receive 12.5 LTC. The halving event is meant to happen every 840,000 blocks on the Litecoin network.

The reduction in mining rewards usually creates a feeling of scarcity surrounding any digital asset. The surrounding hype usually leads to the digital asset gaining considerably in the days leading up to the event. In the case of Litcoin, we are exactly 180 days till the next halving on its blockchain.

Secondly, in the past few days, Charlie Lee has announced intentions to make LTC fungible by adding Confidential Transactions. As a result, the Litecoin Foundation and Beam Privacy have announced a collaboration that will look into implementing the Mimblewimble protocol on the Litecoin network. The latter technology is named after a famous Harry Potter spell that prevents people from spilling secrets. In confidential transactions, Mimblewimble hides the transaction amount being sent.

Such a feature of obfuscating the amount sent on a public ledger is sure to cause some excitement as the potential for LTC becomes limitless if they are successful at implementing Mimblewimble. One can only imagine how the digital asset will become the choice of many who want to transact in crypto yet want to keep the value of the transaction hidden.

What are your thoughts on LTC exhibiting such impressive gains in a short time period? Is this an indicator of a general crypto market recovery or is it unique to Litecoin only due to the anticipated halving event and the implementation of Mimblewimble for Confidential transactions? Please let us know what you think in the comment section below.

[Feature image courtesy of Unplash.com]

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.