Litecoin price jumps 30% with Beam Cooperation Partnership, Overall Market in the Green

Litecoin investors had reason to rejoice as the popular altcoin jumped above 30% over the last 24 hours. At the time of writing, Litecoin (LTC) was trading at $43.59 (~₹3000) in the markets.

The sudden spike seems to be driven by a partnership announcement between Litecoin Foundation and Beam Cooperation. The new partnership will enable the addition of privacy and fungibility features through the ‘Harry Potter-esque‘ sounding Mimblewimble Protocol. The implementation will be done via Extension Blocks on Litecoin.

Beam stated in its blog:

We have started exploration towards adding privacy and fungibility to Litecoin by allowing on-chain conversion of regular LTC into a Mimblewimble variant of LTC and vice versa. Upon such conversion, it will be possible to transact with Mimblewimble LTC in complete confidentiality.

The jump has propelled Litecoin above EOS and Bitcoin Cash with the altcoin now ranked at no. 4 by market cap.

The overall market has also seen a healthy recovery with a lot of the top cryptocurrencies seeing double-digit gains. Ethereum, EOS and Bitcoin Cash prices have by more 10% in the last 24 hours.