Nevertheless, Litecoin still has a 90% correlation with Bitcoin, according to Coinmarketcap’s stat page on LTC crypto. This MWEB feature certainly makes LTC crypto stand apart from Bitcoin and other digital payments-oriented cryptos. After all, it is an opt-in feature, and only those who want their transactions to be concealed will have this done. So far Litecoin has resisted this in an attempt to make sure its currency has broad appeal around the world. It takes away from the decentralized nature of Web 3.0 and some governments fear it could facilitate massive amounts of criminal activity. However, privacy coins and crypto obfuscation technology like Mimblewimble have come under scrutiny in some corners. This increases its appeal as a transactional currency, store of value and for use by many more merchants. The Foundation believes that having this key MWEB technology will allow Litecoin to be considered “sound money” in the long run. That way large amounts of money can be transferred and kept secret. The Mimblewimble Extension Block, also known as MWEB, allows users to opt-in as needed to conduct confidential transactions. But others fear that it could spur criminal activity, including currency washing within the blockchain network. Some consider this essential for the growth of cryptocurrency and the blockchain, especially in relation to business and personal account security. 7 Tech Stocks Set for Strong Gains in February.
#LITECOIN MWEB NEWS UPGRADE#
This new upgrade will allow certain transactions to be kept private yet still be verified as valid to each end user in the transaction. For example, every transaction on the crypto blockchain is open to all investors and viewers to see. Mimblewimble Extension Blockchain (MWEB)Īccording to CoinTelegraph online magazine, this upgrade allows privacy-oriented transactions on the network.
31, the Litecoin Foundation announced a “pivotal new upgrade” called Mimblewimble was launched. Since the beginning of the year, Litecoin has slowly been making progress in creating new partnerships and implementing upgrades. So you can see that Litecoin’s upward trajectory is highly correlated with that of Bitcoin. 24 along with Litecoin, it has slowly drifted up to over $42,448 as of Feb. Since hitting a trough price of $33,519 also on Jan. Litecoin is not likely to pull out of its slump this year until Bitcoin’s turnaround appears to be on track. Litecoin’s founder, Charlie Lee is often quoted as saying that Litecoin is the digital silver to Bitcoin as gold. In fact, it started as a “lighter” version of Bitcoin. Litecoin’s future is highly correlated with Bitcoin ( BTC-USD). This gives some hope for depressed investors that have despaired of the crypto ever making a concerted rebound. At Friday’s price of $125.18, it is 25% over that level. This makes it hard for investors to consider investing in the cryptocurrency and strains its credibility.īut the good news is that at least LTC crypto is well off of its low price of $100.70 on January 24, 2022. That represents a 45% drop in the past three months in price and market value.
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