Litecoin prices spiked today following a key announcement.Getty

Litecoin pricesrose more than 30% in a short period of time,climbing sharply after the Litecoin Foundation announcedpotential collaboration that could provide the digital currency with greater privacy.

"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," a Medium post revealed.

"Upon such conversion, it will be possible to transact with Mimblewimble LTC in complete confidentiality," it added.

[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]

Sharp Gains

Litecoin, whose technology is similar to that of bitcoin, reached$43.90 todayon CoinMarketCap, up roughly 32% over thelast 24 hours.

During this robust increase, litecoin became thefourth-largest cryptocurrency by market value on CoinMarketCap, surpassing rivals like bitcoin cash.

In comparison, litecoin was in seventh place on February 3and sixth place on January 6, CoinMarketCap historical screenshots reveal.

The digital currency experienced its recent gainsafter losing more than90% of its value during the so-called crypto winter.

The digital currency fell to roughly $23 in December 2018, afterreaching an all-time high ofmore than $375 in the same month the year before.

Disclosure: I own some bitcoin, bitcoin cash and ether.

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Litecoin Climbs More Than 30% In A Matter Of Hours