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Litecoin Going Through the Roof?

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The recent surge in the price of Litecoin (LTC) has caught the attention of investors, bringing this cryptocurrency back into the spotlight. Just last week, EDX Markets, a Wall Street-backed platform, listed Litecoin and Bitcoin Cash, sparking renewed interest in these digital assets.

Silver to Bitcoin’s Digital Gold

Litecoin, often referred to as the “Silver to Bitcoin’s Digital Gold,” has experienced a remarkable ascent, reclaiming its position among the top 10 cryptocurrencies by market capitalization. In the past 24 hours, its value has soared by 23.6%, reaching $104.63 per coin. Over the course of the past week, Litecoin has appreciated by 15%, solidifying its position as a significant player in the digital asset market, with a market cap of $7.7 billion.

One key reason behind the renewed investor interest in Litecoin is its selection as one of only four cryptocurrencies available for trading on the EDX Markets exchange. Alongside Bitcoin, Bitcoin Cash, and Ethereum, Litecoin has gained favor due to its perceived resilience against regulatory scrutiny. Unlike other unregistered securities targeted by the U.S. Securities and Exchange Commission, Litecoin’s inclusion on the exchange suggests it has met certain compliance requirements.

EDX CEO Jamil Nazarali expressed confidence in the chosen assets, stating that he feels “very comfortable” with their classification as non-securities. EDX Markets is supported by well-established financial institutions such as Charles Schwab, Citadel Securities, and Fidelity Digital Assets, providing further legitimacy to the exchange.

Litecoin (LTC) Scheduled to Have Halving Event Next Month

The launch of the EDX Markets exchange has attracted significant investment, contributing to the current bull run in the cryptocurrency market. However, Wall Street’s involvement is not the sole driver behind this sudden surge. Litecoin itself is poised for a “halving” event scheduled for next month. During the halving, the mining reward for Litecoin will be cut in half, resulting in a reduced supply of new coins. Similar events in the past, such as Bitcoin halvings, have historically led to a bullish trend in coin prices.

Litecoin, founded in 2011 by former Google employee Charlie Lee, aimed to offer a faster and more cost-effective alternative to Bitcoin. Lee forked the Bitcoin blockchain to create Litecoin, positioning it as the “silver” counterpart to Bitcoin’s “digital gold.” Despite previous struggles to surpass Bitcoin’s adoption rate, Litecoin has recently reemerged as a viable investment option, drawing the attention of market participants.

The current rally in Litecoin’s price and market capitalization showcases its potential for growth and resurgence within the cryptocurrency landscape. The combination of EDX Markets’ support and the upcoming halving event has reignited investor interest in Litecoin, making it an asset to watch in the evolving digital asset market.

The Mimblewimble Extension Blocks (MWEB) Upgrade

In a significant development for Litecoin, the Mimblewimble Extension Blocks (MWEB) upgrade took place on May 20, 2022. This software upgrade represents a notable transformation for the Litecoin blockchain and was initially proposed as part of Litecoin’s Improvement Proposal back in November 2019.

The primary objective of the MWEB upgrade was to introduce a new feature that enables “confidential” transactions for Litecoin users. This system is designed to protect the transaction value, ensuring that only the sender and recipient have access to that information. Additionally, it enhances privacy by allowing private address balances and increasing transaction throughput. The process involves sending the token to the extension block and subsequently back to the main blockchain.

However, the MWEB upgrade faced considerable controversy, attracting intense scrutiny from regulators who held reservations about privacy-focused networks. Litecoin’s association with privacy-oriented networks drew particular attention when the US Treasury Department imposed sanctions on the popular cryptocurrency mixer Tornado Cash. Consequently, numerous cryptocurrency exchanges decided to delist Litecoin to avoid potential legal repercussions from regulators.

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