Bitcoin (BTC), which continues to languish close to seven-week lows, is being outshone by a surge in litecoin costs.
BTC, the world’s main cryptocurrency by market capitalization, is at present buying and selling at $3,390 on Bistamp and dangers falling to December lows close to $3,100, having charted bearish greater low on the essential 6-hour chart 50-candle transferring common (MA) this week.
Meanwhile, litecoin, the fourth-largest cryptocurrency by market cap, is at present changing hands at $37.70 – a 12.7 p.c achieve on a 24-hour foundation. LTC’s BTC-denominated alternate fee jumped to 0.011404 BTC on Binance earlier at present marking the best degree since July 21, 2018.
The rally appears to be like sustainable, too, as buying and selling volumes throughout exchanges have elevated by 34 p.c to $879 million within the final 24 hours.
While the precise cause for double-digit positive factors is just not clear, the cryptocurrency might have picked up a robust bid in response to the information that the Litecoin Foundation is in talks to implement privateness options for litecoin by way of the Mimblewimble protocol.
So far, litecoin’s double-digit soar has not had a constructive rub off on the broader market, and the highest 10 cryptocurrencies by market capitalization are nonetheless buying and selling flat or with minor positive factors.