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Godfrey Benjamin

Litecoin set to witness new set of upgrades, fueling current price growth

Litecoin (LTC) joined the ranks of cryptocurrencies with a good growth record for today as its price has jumped to $96.13, up by 8.07% over the past 24 hours. According to data from CoinMarketCap, Litecoin’s current price level represents a significant breach of the resistance point at $95.

Though Litecoin is exhibiting a very strong correlation with Bitcoin (BTC), which in part explains the former’s current price growth, the digital currency is also exhibiting a very defined ecosystem fundamental to deserve the upshoots it has recorded thus far.

As gleaned from one of the protocol’s Twitter accounts, a major new release billed for the Litecoin Core is currently in the works. As it stands, regular protocol upgrades are seen as one of the most viable ways to convince users of the utility and security that can be gained by pitching their tents with a digital currency like Litecoin.

While it is regarded as one of the most robust and secure payment networks in the Web3.0 world, Litecoin is still working hard to make its systems more usable through the new proposed upgrades.

Litecoin upgrade and expectations

According to the update shared, the upgrades will cover Partially Signed Bitcoin Transactions (PSBTs), P2P support for Light Clients, Viewing Keys, Payment Proofs and Descriptor Wallets.

While the upgrade appears technical, on the front end, it means that users can have a smoother user interface and functionalities that will largely enhance their experience using the digital currency.

Litecoin has maintained a relatively stable price trend thus far this year. The cryptocurrency was subtly designated as a commodity by the United States Commodity Futures Trading Commission (CFTC), a move that has helped solidify the trust investors have for the cryptocurrency as a whole.

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