Litecoin rises 8% behind mobile upgrades, regulatory commodity acceptance

Litecoin has distinguished itself by posting an 8% increase, bringing its value to $107 per coin, thanks to mobile upgrades and regulatory acceptance as a commodity.

Litecoin’s (LTC) price increase marks it as the sole top 15 cryptocurrency by market cap to experience growth today according to CoinMarketCap, significantly outperforming its market counterparts.

Adding to Litecoin’s recent success, the Commodity Futures Trading Commission (CFTC) has officially classified both Ethereum (ETH) and LTC as commodities in the wake of its legal proceedings against KuCoin.

The classification not only underscores Litecoin’s importance in the digital asset space but also aligns with Coinbase Institutional has announcing the listing of Litecoin Futures on its platform, significantly boosting investor confidence in LTC.

Litecoin’s latest developments, upgrades

Litecoin’s latest update, Core v0.21.3, was released at the end of March, potentially buoying today’s price movement.

“In this update, we focused on accelerating MWEB adoption, by making it easier than ever to access MWEB via mobile wallets,” said Litecoin in a March 29 press release.

MWEB, or MimbleWimble Extension Blocks, introduce an optional layer of confidentiality for transactions, enhancing the fungibility and scalability of Litecoin.

The update elaborates on the implementation of LIP006 and its server component into Litecoin Core, explaining the role of full nodes within the Litecoin Network, which validate transactions and blocks, maintaining the decentralized integrity of the network.

“Running a full node is as simple as finding a computer with over 160GB of free disk space that can run continuously,” the press release said.

Looking ahead, the Litecoin Foundation has announced plans to introduce mobile wallets fully supporting MWEB transactions later this year. Litecoin aims to become one of the most fungible digital currencies available, reinforcing its position in the cryptocurrency ecosystem.

The update also mentions ongoing collaborations with third-party partners to expand MWEB support, highlighting Litecoin’s commitment to enhancing user privacy and network scalability.