Litecoin (LTC) added almost 10% to its value to break the $ 190 barrier this Wednesday, February 10. With this, it reached its highest price since March 2018 when it was trading above $ 220.
The eighth cryptocurrency by market capitalization was trading at $ 194 in the early hours of the day. However, its price subsequently fell and at the time of writing this note was trading for the order of USD 174, according to data from CoinMarketCap.
The cryptocurrency has risen by 21.2% in the last week and has revalued above 170%, taking into account that in October of last year it was below USD 60.
Litecoin has been on the rise since November 2020 when it rose to USD 90 and later in December soared to USD 130. However, It is still far from its all-time high of $ 375 , hit on December 19, 2017.
More confidence around Litecoin
Litecoin is also one of the cryptocurrencies with the highest volume of operations at this time, at reach 14.07 billion dollars traded.
Other data shown by Glassnode reveals that there is a growing number of users who may be looking towards Litecoin with increasing trust. This if we take into account that the number of active addresses has increased by at least 30% so far in 2021.
In total there are over 150,000 LTC addresses in constant motion today. Meanwhile, the number of new addresses was recorded at 101,862, the highest level in 22 months.
The rise of the cryptocurrency is also reflected in the weekly top reported by CryptoNews that topped several times over all at the end of 2020. In December, this medium published that, although no precise information has been published to explain the price increase of Litecoin, analysts maintain the argument that the growth of the cryptocurrency continues a recurring tendency to pair with Bitcoin.
It was also in December when the creator of Litecoin, Charlie Lee, made comments on his Twitter account. He highlighted the value proposition of LTC, mentioning the high liquidity, its inclusion in the PayPal payment platform, and the high price of the Litecoin Trust (LTCN) offers for part of the asset manager Grayscale, as outlined in the aforementioned report.
On the other hand, Litecoin is about to introduce new privacy features. This is the MimbleWimble protocol, a proposal initially contemplated in November 2019, which aims to offer optional privacy for those who use the network. Recently David Burkett, the developer in charge of this integration, revealed that the initial code of the new protocol will be complete and ready for review on March 15.
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