Litecoin (LTC) is currently ranked at the eighth spot after recording positive price gains during the past seven days. According to the data from CoinMarketCap (CMC), LTC was the largest digital currency among the top 65 cryptocurrencies last week in terms of price gains. The coin grew more than 22 percent during the past seven days.
LTC Overtook Polkadot (DOT) to become the eighth largest crypto
Last week, the price value of LTC constantly recorded gains which made the coin a leader in the cryptocurrency market. It was the only digital currency in the market with over 22 percent price gains in the previous week. These positive gains helped the coin to overtake Polkadot’s native DOT token and became the world’s eighth-largest digital currency in terms of market capitalization. DOT is now standing at the ninth spot with a market cap of $3,684,833,408. While on the other hand, the market cap of LTC is standing at $3,815,952,066, as per the data from CoinMarketCap.
The bullish sentiment for the coin is not over yet as it still continues its uptrend. At the time of writing, the price value of LTC is up over one percent in the last 24 hours while holding the $59 mark. The coin has almost reached $60 which is its highest value for the past one month. It is now heading towards its next major resistance of $65. Once this resistance is broken, the next target for the coin will be to retest its three-month high of $68.52.
Recently, the global payment giant PayPal announced to add trading support for some digital assets. Litecoin is one of them. This was the major driving factor behind the price growth of the coin in the last week. Other digital assets that will be launched for trading by PayPal include Bitcoin (BTC), Ethereum (ETH), and Bitcoin Cash (BCH).
The MimbleWimble implementation
Moreover, Litecoin (LTC) is set to turn into the world’s largest digital currency with privacy features as the developers of the open-source cryptocurrency are continuously working on its MimbleWimble implementation which will help the coin to achieve this milestone. MimbleWimble implementation is basically a modified implementation of the POW (Proof-of-Work) algorithm that underpins Bitcoin (BTC).