Bitcoin has been repeatedly trying and failing to break the psychological $4,000 mark, but while the bitcoin price treads water, litecoin and binance coin have been soaring.
Litecoin has almost doubled in price so far this year, though it remains well below the all-time high it hit in December 2017.
Now, litecoin—one of the oldest rivals to bitcoin, launched in 2011—looks like it could this year overtake Ripple's XRP to break into the top three biggest cryptocurrencies by market capitalization.
Some cryptocurrencies, including litecoin, have recently stopped tracking bitcoin prices quite as closely as they used to.Getty
Litecoin's rapid rise over the last few months, which has been on the up since it hit recent lows of $23 per coin in December last year, has been largely put down to developer efforts to improve security and privacy and several high-profile partnerships.
"Litecoin volatility spiked when the Litecoin Foundation announced it's exploring the integration of Mimblewimble, a protocol offering privacy and fungibility to blockchains," a report by cryptocurrency brokerage SFOX read this week. "In March, keep an eye on how privacy news moments impact markets, such as recent revelations over Coinbase’s third-party service provider selling client data."
Meanwhile, crisis-hit Venezuela this week launched a government-sanctioned cryptocurrency remittance service, allowing users to send bitcoin and litecoin into the country—somewhat proving litecoin and bitcoin's use case in a country that's becoming reliant on cryptocurrencies.
These developments for litecoin could be just getting going, along with an upcoming halving, scheduled for August this year, which will tighten the supply of new litecoin. Previous cryptocurrency halvings have seen prices for their digital tokens rise, though there's no guarantee this will happen again.
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