Litecoin rises 8% behind mobile upgrades, regulatory commodity acceptance

Litecoin stands out with a 8% growth, raising its price to $107 per token, due to advancements in mobile technology and recognition as a commodity by regulators.

Among the top 15 cryptocurrencies in terms of market capitalization, Litecoin (LTC) is the only one showing price growth today, setting it apart from its peers and demonstrating stronger performance according to CoinMarketCap.

The CFTC’s recent legal actions against KuCoin have resulted in Ethereum (ETH) and Litecoin (LTC) being recognized as commodities by the agency. This classification comes as both cryptocurrencies experience growing success.

The categorization of Litecoin emphasizes its significance within the digital currency marketplace. This alignment is further reinforced by Coinbase Institutional’s decision to list Litecoin Futures, which has noticeably increased investors’ trust in LTC.

Litecoin rises 8% behind mobile upgrades, regulatory commodity acceptance

Exciting news: The latest release of Litecoin Core, version 0.21.3, is now accessible! ⚡ #Litecoin #LTCdev Ushering in a new chapter for mobile wallets: MWEB activation!— Litecoin Foundation ⚡️ (@LTCFoundation) March 29, 2024

Litecoin’s latest developments, upgrades

The most recent version update for Litecoin, Core v0.21.3, became available at the end of March, which might have contributed to the current increase in its price.

In the latest announcement on March 29, Litecoin stated their emphasis in this upgrade was to speed up the use of MWEB (MimbleWimble Extension Blocks) by making it more convenient than before, allowing users to get MWEB through mobile wallets.

MimbleWimble Extension Blocks (MWEB) offer an additional privacy feature for Litecoin transactions, improving both their confidentiality and ability to handle larger volumes of data. This enhancement contributes to the coin’s fungibility and scalability.

The revision provides more details about integrating LIP06 and its server part into Litecoin Core. It clarifies how full nodes in the Litecoin Network play a crucial role by verifying transactions and blocks, thereby preserving the network’s decentralized authenticity.

“Setting up a full node involves finding a computer with at least 160GB of unused disk space and the ability to operate uninterrupted,” the press statement explained.

In the future, the Litecoin Foundation intends to launch mobile wallets capable of handling MWEB transactions on Litecoin. This move is part of Litecoin’s strategy to enhance its fungibility and solidify its role within the digital currency marketplace.

The announcement further reveals partnerships with external organizations continuing to widen MWEB compatibility on Litecoin. This underlines Litecoin’s dedication to preserving user privacy and improving network efficiency.

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2024-04-03 00:00