Bitcoin (BTC), which continues to languish near seven-week lows, is being outshone by a surge in litecoin prices.
BTC, the world’s leading cryptocurrency by market capitalization, is currently trading at $3,390 on Bistamp and risks falling to December lows near $3,100, having charted bearish higher low at the crucial 6-hour chart 50-candle moving average (MA) this week.
Meanwhile, litecoin, the fourth-largest cryptocurrency by market cap, is currently changing hands at $37.70 – a 12.7 percent gain on a 24-hour basis. LTC’s BTC-denominated exchange rate jumped to 0.011404 BTC on Binance earlier today marking the highest level since July 21, 2018.
The rally looks sustainable, too, as trading volumes across exchanges have increased by 34 percent to $879 million in the last 24 hours.
While the exact reason for double-digit gains is not clear, the cryptocurrency may have picked up a strong bid in reaction to the news that the Litecoin Foundation is in talks to implement privacy features for litecoin via the Mimblewimble protocol.
So far, litecoin’s double-digit jump has not had a positive rub off on the broader market, and the top 10 cryptocurrencies by market capitalization are still trading flat or with minor gains.