- Litecoin Surges By 13%, Almost A Double of Its Year Opening Trading Price
- Chinese Government Embraces Cryptocurrency and Sets Out to Create Its Own
Previously, Litecoin added the use of Extension Blocks to its native token LTC, this add-on aims at enabling the mass surge of blockchain size while maintaining the main mechanics of the network. Recently, Litecoin experienced a double-digit surge in the last 24 hours, by market cap, Litecoin is the sixth-largest cryptocurrency in the world, the coin recently rallied close to 13% in 6 hours to attain its current price of $56.50.
As of today, the coin is trading flat around the $50 zone but suddenly surged alongside other cryptocurrencies in the market. Bitcoin also surged to a high of $8,550 after a $700 inflection over 5 minutes.
China’s attitude towards cryptocurrency has been positive recently especially with the director of the Central Bank Research Bureau, Wang Xin, statin this summer that the State Council of China has approved “plans to develop the digital renminbi.” The digital renminbi aims to take over cash in circulation and enable the payment system to process up to 300,000 transactions per second. China has stepped up its effort to issue its digital currency since Facebook announced the creation of its cryptocurrency termed Libra. In a recent press release by the China Global Times, an article stated that “China cannot be absent from the era of global digital currency competition,” the article suggests that China cannot ignore the emerging mass adoption of cryptocurrency. The Chinese government seems to have accepted the fact that the cryptocurrency industry has come to stay.
Chinese Government Embraces Cryptocurrency and Sets Out to Create Its Own
The president of China, Xi Jinping recently endorsed the use of Blockchain technology. This can be said to be influencing the price surge of LTC. It was previously reported in the President’s endorsement speech, the president spoke about the qualities of blockchain technology and how it should be used to improve the economic security of China in a meeting held yesterday with the Politburo Committee.
Since its surge of $145 in June, Litecoin has been on a steady decline ever soon. Currently, the price seems to be near double of what it started with at the beginning of the year, when it was at $31.
Litecoin (LTC) Price Today – LTC / USD
Name Price $76.85 3.32%
Last week, Charlie Lee, Litecoin’s founder announced a proposal to bring privacy features to the coin. Although, there have been concerns and speculations considering that crypto exchanges have been dropping privacy coins in recent weeks. Meaning that should Litecoin add the privacy feature to its native token the same fate could befall the coin.