Connect with us

Litecoin

Litecoin: MimbleWimble will be completed on March 15

Published

on

  • Litecoin’s MimbleWimble-Extension Block proposal will be completed on March 15. 
  • Users will be able to convert Bitcoin to Litecoin using atomic swaps to take advantage of MWEB’s privacy features.

As announce by the official Litecoin Twitter account, the code for the MimbleWimble via Block Extension (MWEB) will be completed within the next. After the upgrade was first proposed in 2019, MimbleWimble will grant more privacy and fungibility to the Litecoin blockchain – conceived from the combination of several technologies, such as “Confidential Transactions”, CoinJoin, among others.

Advertisement

The protocol’s lead developer, David Burkett, recently updated the community on the progress of MimbleWimble and on the wallet that will allow users to take advantage of the privacy features. In his latest report, Burkett ruled out the possibility of a delay in the delivery of the update and confirmed that the mainnet release is scheduled for sometime in 2021.

What will MimbleWimble change for Litecoin?

The Litecoin Foundation describes MimbleWimble via Blockchain Extension as follows:

(…) it will provide the benefit of hiding transaction amounts and improve scalability due to its ability to compact transactions. MWEB has the ability to scale better than Litecoin and Bitcoin while also having the side benefit of acting as a block size increase on the main chain without there actually being one. This helps increase Litecoin’s transaction throughput.

Litecoin developer Loshan elaborated on other benefits of MWEB yesterday. He believes Bitcoin users will benefit from the upgrade. When implemented, users will be able to move funds from Litecoin’s base layer to the second layer, the MimbleWimble chain. There, transactions will be completely private. Loshan claims that this will provide improved fungibility and financial privacy:

Advertisement

Unlike Bitcoin – where all addresses and amounts can be seen by anyone – MWEB + CoinJoin transactions are private.

Bitcoin holders can use this feature with the atomic swaps function to exchange BTC for LTC “in a decentralized and trustless manner”. Funds can go through MWEB and then be returned in BTC, but with transactions fully protected by the protocol. Loshan added:

This is one of the many ways Litecoin complements Bitcoin. Their technical similarity allows for interaction between the two chains, while some more experimental technologies can be tested on Litecoin.

Users and exchanges will also be able to opt-in to using MWEB as it is not mandatory. With this, the Litecoin community intends to increase privacy, while not hurting the relationship with crypto exchanges, as privacy coins have been targeted by governments and regulators in the past.

News Source

Advertisement

Litecoin

Litecoin Forecast and LTC/USD Analysis October 21, 2021

Published

on

LTC/USD are trading at 198.05 and continue to move as part of the rise and the bullish channel. The capitalization of the Litecoin cryptocurrency at the time of the publication of the forecast is $14,182,763,662. Moving averages indicate a short-term bullish trend for Litecoin. Prices are again testing the area between the signal lines, which indicates pressure from buyers of the asset and a potential continuation of growth from the current levels. At the moment, we should expect an attempt to develop a decrease in the value of a digital asset and a test of the support level near the area of ​​190.05. Where can we expect a rebound again and a continuation of the rise in the Litecoin rate with a potential target above the level of 255.05.

Litecoin Forecast and LTC/USD Analysis October 21, 2021

An additional signal in favor of the growth of LTC/USD quotes will be a test of the bullish trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the ascending channel. Cancellation of the option to raise the coin will be a fall in the value of the asset and a breakdown of the area of ​​165.05. This will indicate a breakdown of the support area and a continued fall in the cryptocurrency rate with a potential target below the level of 125.05. With the breakdown of the resistance area and closing of quotations above the level of 220.05, we should expect confirmation of the development of a bullish trend in Litecoin, which will indicate a breakdown of the upper border of the downward channel.

Litecoin Forecast and LTC/USD Analysis October 21, 2021

Litecoin Forecast and LTC/USD Analysis October 21, 2021 suggests an attempt to correct and test the support area near the level of 190.05. Where can we expect a rebound and a continued rise in the LTC/USD price to the area above the level of 255.05. An additional signal in favor of Litecoin’s growth will be a test of the trend line on the relative strength index (RSI). Cancellation of the upside option will be a fall and a breakdown of the 165.05 area. This will indicate a continued fall in the cryptocurrency with a target below the level of 125.05.

News Source

Advertisement
Continue Reading

Litecoin

Three Litecoin On-Chain Indications Show “Bullish” Data

Published

on

Litecoin holders are mostly in profit while whales stack more coins.

On-chain data provided by IntoTheBlock for Litecoin cryptocurrency shows three bullish indications for the coin simultaneously. The mentioned indications are net network growth, the number of addresses “in the money” and the concentration of funds.

Net network growth

According to provided on-chain data, the net network growth of Litecoin is currently up by 1.89%. The metric measures the change of the total number of Litecoin addresses.

Advertisement

Following the continuation of a positive trend on the metric, the number of Litecoin holders is significantly increasing, which also reflects on the coin’s trading volume—which has increased by almost 100% since the beginning of the month.

In the money

While the volume of funds for Litecoin is progressively rising, it is important for them to remain “in the money,” which means staying above the entry point on the market. Currently, 70% of Litecoin holders are remaining in the money, which is the average value for an asset moving in the uptrend.

IntoTheBlock Data
Source: IntoTheBlock

Only 18% of traders and investors remain at a loss in the current market. Twelve percent of market participants are “in the money,” which means they have either just entered the market or have been holding their positions open since September when Litecoin was trading for the same price.

Concentration of funds

The concentration of funds signals changes in the whale-tier positions on the market. While large addresses are stacking rather than spending funds, the metric is considered bullish. The absence of selling pressure on the market allows assets to move.

Advertisement
Litecoin Chart
Source: TradingView

While overall on-chain data is positive for Litecoin, it is most likely tied to the overall sentiment on the market, which remains bullish for both altcoins and Bitcoin. Cryptocurrency market capitalization has increased by $700 billion since the end of September and is continuously increasing.

News Source

Continue Reading

Litecoin

Litecoin [LTC] Shows Off its Prowess as Bitcoin Silver becomes Biggest Gainer in Top-20 club

Published

on

litecoin-ltc

On Tuesday, the cryptocurrency market decided to swerve into the bull’s path taking the price along with it. Altcoins ruled the roost after a much-needed break from the bear that affected the entire ecosystem’s market cap. Charlie Lee founded-Litecoin [LTC] became one of the biggest gainers of the week after a new round of investments from users.

At the time of writing, the Bitcoin Silver aka LTC was growing by 4.2 percent on the back of a strong week. LTC was trading for $188.4 on Tuesday while holding a market cap of $13.004 billion. The daily trading volume spiked to $2.8 billion as other altcoins tried to emulate its performance. When LTC hit its all-time high this May, the community was confident of upcoming developments.

Litecoin 1 hour:

Litecoin
Litecoin [LTC] Shows Off its Prowess as Bitcoin Silver becomes Biggest Gainer in Top-20 club 4

As Litecoin’s immediate support remained near the $160 mark, the green candles continued their strong push. The graph showed signs of recovery after a low bearing September.

Relative Strength Index: Litecoin’s RSI climbed closer to the overbought zone, showing an increase in the number of HODLers.

Advertisement

Chaikin Money Flow: The capital coming into the LTC market shot up as prices settled. Litecoin investors reveled in the latest hike as capitulation was left in the dust.

MACD indicator: Litecoin’s bearish momentum at the start of October caused the signal line to touch the MACD line. The resurgence was enough to push the cryptocurrency over to the bullish side.

Litecoin 1 day:

ltc 1 d 1
Litecoin [LTC] Shows Off its Prowess as Bitcoin Silver becomes Biggest Gainer in Top-20 club 5

Litecoin’s long-term performance was indicative of the market’s fluctuations, showing multiple crests and troughs. The long-term support has fallen to $106.4, a far cry from its earlier holds.

Relative Strength Index: Just like in the hourly timeframe, LTC’s graph sporadically moved in the upward direction.

Advertisement

Chaikin Money Flow: Getting capital intensive was a struggle for LTC but the latest marker was a step in the right direction.

MACD: The signal line and the MACD line moved upwards after converging during the past week. Even the MACD histogram ticked green for a sustained period of time.

News Source

Advertisement
Continue Reading