It may also be worthy to note that the top 20 cryptocurrencies by market capitalization have also picked up in price. The most significant player in the cryptocurrency realm, Bitcoin (BTC) is now exchanging at above $3,600, and the price briefly surpassed $3,700. Bitcoin was able to break through the major resistance level of $3600 and is trading at $3667 at the time of writing.
Verge (XVG) traded 0.4% higher against the dollar and now trades at $0.0057 or 0.00000166 BTC.
The second feature is the considerable influx on Coinbase- a digital currency brokerage that is now trending.
Speaking to The Independent before the latest price surge, David Thomas, director of the UK-based cryptocurrency broker GlobalBlock, lamented the negativity in the market but hinted a spark could set it off in a positive direction once again. Having declined to $104 on Thursday and looking like it might just hit under $100, is now showing an upward price trend. The last time the top-ranking cryptocurrency was trading at the $4000 price point was on the 4 of December previous year. The market cap of the coin went through a mid-week slump when it dropped below the $2 billion mark but this recent rise has pushed the market cap up by 12.84 percent in the past 24-hours to $2.31 billion, with no signs of slowing down just yet. Opening at a price of $33.24 and closing at $43.46. It is increasing to the levels not seen since January past year, after Bitcoin (BTC) tested its all-time high at about $20k.
The rally follows news that the Litecoin Foundation has approached blockchain start-up Beam regarding the possible implementation of the privacy-focused Mimblewimble protocol. The market cap of the coin now stands at $2.45 billion, over $180 million ahead of Bitcoin Cash in sixth place. Tron has been on a constant rise following a slew of developments and their January niTROn summit, the recent increase has pushed the price of the coin up to $0.0271 and the market cap to $1.806 billion.
While this increment in price might not look substantial, it holds several promises. This is because investors are more willing to trade when the market is more volatile.
I am now focused on making Litecoin more fungible by adding Confidential Transactions.